Boca Raton Broker Robert David Child Sued For Unsuitability

Boca Raton Broker Robert David Child Sued For Unsuitability

Soreide Law Group is investigating claims on behalf of customers who invested with Robert David Child (CRD#: 500359, Boca Raton, Florida). Robert David Child has worked for brokerage firms including National Securities Corp (November 12, 2012 to September 18, 2017), vFinance Investments Inc. (August 8, 2001 to December 19, 2012), and UBS Financial Services Inc. (October 6, 1993 to June 28, 2001). The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report for Robert David Child shows that at least thirteen customers have disputed person’s sales practices by alleging, inter alia, misrepresentation, breach of fiduciary duty, unsuitability. A summary of those complaints is found below:

October 28, 2016 Arbitration

A customer of National Securities Corp filed FINRA Arbitration #16-03140 on October 28, 2016. First, the customer alleged that Child breached a fiduciary duty to the customer. Second, the customer contended that Child made unsuitable trades of corporate debt investments in the customer’s account. Third, the customer accused Child of negligence. Finally, Child was accused of breaching contract terms. Because of this, the customer has requested damages of $250,000.00. Although the customer’s allegations may hold true, the matter has not yet been decided.

August 1, 2016 Arbitration

 

On August 1, 2016, a vFinance Investments Inc. and National Securities Corp. customer filed FINRA Arbitration #16-02156, naming Child as a defendant. In summary, the customer brought causes of action against the firm and Child for negligence, breach of contract, suitability and breach of fiduciary duty. Apparently, the causes of action relate to OTC equities and corporate debt trades placed in the customer’s brokerage account. All things considered, on June 14, 2017, the firm(s) agreed to pay $1,900,000.00 to the customer to resolve those claims.

March 7, 2016 Arbitration

 

BrokerCheck Records show that a National Securities Corp. customer filed FINRA Arbitration #16-00447 on March 7, 2016. According to the customer, Child was responsible for making unsuitable trades of asset-backed debt products in the customer’s account. Supposedly, those investments were not consistent with the customer’s risk tolerance or investment objectives. On January 17, 2017, National Securities Corp agreed to pay the customer $40,000.00 to settle. Indeed, Child personally contributed $24,000.00 towards that settlement.

February 1, 2016 Arbitration

 

FINRA Arbitration #16-00130 was filed by a National Securities Corp. and vFinance customer on October 22, 2015. The customer named Child in that arbitration. In this case, Child allegedly misrepresented terms and conditions pertaining to the customer’s investments in OTC equities. Additionally, the customer contended that those investments were not suitable. Moreover, Child was accused by the customer of negligence and for breaching a fiduciary duty that was owed to the customer. Ultimately, on May 4, 2017, the firm and Child collectively paid the customer $425,000.00 to settle the customer’s allegations.

 

November 13, 2002 Arbitration

Customers of UBS Financial Services contested Child’s conduct in the filing of NASD Arbitration #02-06906 on November 13, 2002. Namely, the customers asserted causes of action including: 1) negligence; 2) failure to supervise; 3) negligent supervision; 4) violation of Fla Stat. 301 and Fla Stat. 417.311; 5) breach of fiduciary duty; 6) negligent misrepresentation; 7) and common law fraud. Their causes of action pertained to the sales and purchases of high yield bonds including, Edinburg; Worth Illinois; Stuart Ent; Tarrant I; San Jacinti; Trans-American I; ICO Global; SMYRNA; Service Merch; West Jeff II; and Tarrant II. For this reason, UBS Financial Services Inc. opted to pay those customers $610,000.00 to resolve the claim.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Investors from Boca Raton, Florida and elsewhere who have incurred losses from Robert David Child are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.

2018-11-26T05:30:00+00:00November 26th, 2018|

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