FINRA BrokerCheck shows regulatory sanctions and investor claims concerning Robert C. David Jr. [CRD: 5211223, Farmington Hills, Michigan]. Evidently, he worked for Morgan Stanley from June 1, 2009, to April 2, 2019. Notably, the sanctions concern allegations of falsifying information and overconcentrating investor accounts in risky products. Also, investor disputes center around allegations of misrepresentation and unsuitable recommendations. Here’s a closer look at the specific disclosures related to Robert David's activities in the financial industry.
On April 18, 2022, FINRA took disciplinary action against Robert David, imposing a $15,000 fine and a 20-month suspension in all capacities, ending on December 17, 2023. Namely, the regulator claimed that David falsified client account profile information and overconcentrated investments in high-risk fixed-income securities. Notably, the regulator stated that he manipulated the net worth of eight clients and modified the risk tolerance of one client's account, all to sidestep restrictions on solicitations and concentration limits. Also, FINRA says that these actions led to the firm maintaining inaccurate records.
Evidently, a customer of Morgan Stanley contested Robert David’s sales practices, according to a complaint. Allegedly, David failed to follow instructions regarding investments in the customer's managed account between 2017 and 2019. It appears that David caused the client to experience damages. Therefore, Morgan Stanley opted to settle the matter on December 17, 2020, by compensating the customer in the amount of $60,000.
A Morgan Stanley Smith Barney (MSSB) client filed FINRA Arbitration No. 20-01168, accusing Robert David of misrepresenting corporate bond investments from September 24, 2014, to February 29, 2020. The client sought $183,000 in damages. MSSB resolved the matter on April 28, 2021, by compensating the client $85,000.
A separate complaint, involving unsuitability of investments, was filed against Robert David, covering the period from April 2015 to March 2019. The client, alleging damages on corporate debt products, was compensated $35,000 by MSSB on March 14, 2020. Another client pursued a similar claim of unsuitability against David for investment activities from March 2017 to March 2019, resulting in a $200,000 settlement by MSSB on April 21, 2020.
Investors who have faced losses due to the actions of Robert David are encouraged to contact Soreide Law Group for potential recovery options. Reach out online or at (888) 760-6552 to discuss your case with a securities attorney. Soreide Law Group operates on a contingency fee basis and assists investors across the United States. Despite the claims and settlements, David and Morgan Stanley deny any allegations of sales practice violations.
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