Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming allegations of improprieties by securities broker Jeffrey Davis [CRD#: 2501354, Bristol, Connecticut]. Notably, no less than 10 clients contested the securities recommendations or sales of the securities broker, who joined Kovack Securities on November 1, 2013. Moreover, FINRA sanctioned the securities broker for his bad investment recommendations. Overall, these disclosures suggest that Davis executed unsuitable trades and recommendations, and that he is responsible for clients’ losses. Check out these allegations against him.
Supposedly, on June 10, 2019, a Kovack client made a formal complaint concerning Jeffrey Davis. Apparently, the client contended that Davis made inappropriate trades in the client’s account, failing to consider the client’s risk tolerance or some other aspect of the client’s investment profile. The client indicated that the securities broker additionally caused an overconcentration in the client’s account. As a result, the client experienced losses on fixed annuities, mutual funds and real estate securities. Consequently, the client requested compensation from Kovack or Davis. Supposedly, this complaint is pending a resolution.
Notably, a Harvest Capital client brought an investment dispute concerning Jeffrey Davis. Notably, the client indicated that Davis did not properly explain the investments he sold. For this reason, the client experienced losses by purchasing real estate investment trusts. As a result, in 2013, Harvest Capital resolved this issue through compensating the client $24,778.95.
Also, a client of National Planning Corporation contested Jeffrey Davis’ actions by placing Civil Suit #: HHB-CV-04-4001336. Allegedly, Davis falsified the details concerning the risks or the terms of mutual funds which caused the client to experience losses. Consequently, National Planning Corporation figured to settle the client’s allegations in 2007 through paying the client the sum of $35,000.
Supposedly, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2013039456301 on April 5, 2017 sanctioning Jeffrey Davis. Notably, Davis violated FINRA Rule 2111. Supposedly, he lacked justification to recommended non-traded REITs. It appears that the securities broker allocated $566,000 of the clients’ assets in these risky investments. Allegedly, this reflected 30% to 52% of the clients’ net worth. The financial watchdog indicated that the securities broker’s concentration of client accounts in non-traded REITs was inappropriate because of the client's risk tolerances, financial situation and goals. Consequently, on April 5, 2017, FINRA issued the securities broker a 1 month suspension and $5,000 fine.
Have you experienced losses by investing with Jeffrey Davis? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Davis and brokerage firms.
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