Florida Broker, Jeffrey L. Davidson, Fined and Suspended by FINRA for Unsuitable Mutual Fund Switch Transactions

The Pompano Beach, Florida-based Soreide Law Group, obtained the following information from FINRA's website listed under, "Disciplinary and Other FINRA Actions, March 2016."

Jeffrey L. Davidson (CRD #1352867, Stuart, Florida)

was fined $10,000 and suspended by FINRA for three months for allegedly recommending unsuitable mutual fund switch transactions in customer accounts.

FINRA's findings stated that all of the transactions involved Jeffrey L. Davidson’s recommendation to purchase Class A mutual fund shares and then to sell those shares within less than a year of the purchase, even though there were significant upfront costs associated with the purchase of Class A shares. Class A shares are generally intended to be held long term.

According to the FINRA report, Davidson then allegedly recommended that the clients use the proceeds of the sales to purchase new Class A mutual fund shares, often in different mutual funds from different fund families, which caused the clients to pay additional sales charges and commissions.

Davidson’s clients incurred approximately $46,000 in unnecessary sales charges as a result of the unsuitable recommendations. Davidson’s member firm has paid those clients back for their losses.

The suspension is in effect from February 1, 2016, through April 30, 2016.

(FINRA Case #2013039482702)

JEFFREY L. DAVIDSON (CRD# 1352867) has been registered in the securities industry for 30 years and is currently registered with the following firm since 01/2009:

AMERICAN PORTFOLIOS FINANCIAL SERVICES, INC.
850 NW Federal Hwy, Suite 111
Stuart, FL 34994

Davidson was previously registered with the following firms:

04/2007 - 01/2009 RAYMOND JAMES FINANCIAL SERVICES, INC. - STUART, FL

04/2006 - 04/2007 RAYMOND JAMES & ASSOCIATES, INC. - PALM BEACH GARDENS, FL

07/2003 - 04/2006 WACHOVIA SECURITIES, LLC - ST. LOUIS, MO

04/2000 - 07/2003 PRUDENTIAL SECURITIES INCORPORATED - NEW YORK, NY

If you were a client of Jeffrey L. Davidson and you incurred investment losses due to his recommendations, or you feel your broker/financial advisor caused you investment losses due to their recommendations, call the Soreide Law Group located in South Florida for a free consultation regarding the possibility of recovering your investment at: 888-760-6552. We travel nationwide representing our clients before FINRA.

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