The Financial Industry Regulatory Authority (FINRA) BrokerCheck contains important information regarding securities broker Peter Werner David (CRD#: 1133608, Waukesha, Wisconsin). Namely, David, who worked for Woodbury Financial Services from February 2009 to July 2018, is involved in two client disputes. Notably, investors allege sales practice violations, including unsuitable transactions relating to insurance policies and securities. Here’s more about the disputes.
Evidently, a client of Woodbury Financial Services disputed Peter David’s sales practices, according to a June 2021 FINRA Arbitration Claim. Namely, the client alleged that David provided unsuitable recommendations. Basically, suitability concerns an investor’s appropriateness or fitness for certain investments. Suitability involves an analysis of the investor’s risk tolerance, investment objectives, financial needs, and more. In this case, the client alleges that an equity fund transaction was unsuitable. For this reason, they asked for $281,000.00 in compensation in this ongoing matter. However, the securities firm and David seemingly deny the allegations.
Also, a Woodbury Financial Services client disputed Peter David’s sales practices in 2018. According to the complaint, the client alleges to have purchased an unsuitable variable universal life (VUL) policy because of David. However, Woodbury Financial Services denied the client’s complaint.
Did securities broker Peter David cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that David denies all allegations of his sales practice violations.
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