Soreide Law Group provides you with important information relating to sanctions and investment disputes reported on the Financial Industry Regulatory Authority (FINRA BrokerCheck record of securities broker David Todd Phillips (CRD#: 3094195, Gilbert, Arizona).
Namely, Phillips, who worked for ProEquities Inc. (2004 to 2017) and Moloney Securities Co. Inc. (2017 to 2018), just wrapped up a nine month suspension as securities broker on September 6, 2021 to resolve FINRA’s allegations that he coordinated private securities transactions involving $876,636 in investors’ purchases of Future Income Payments LLC investments (FIP LLC). Following their purchases, FIP shut down reportedly owing $300,000,000 to investors. In addition, two investors filed disputes about Phillips, and those disputes allege sales practice violations relating to FIP securities. Moreover, securities firm Moloney Securities permitted him to resign amid misconduct allegations. Let’s take a closer look at these disclosures about the broker.
It appears that in November 2020, Todd Phillips agreed to serve a nine-month suspension as securities broker and to pay a $5,000 fine to resolve FINRA’s allegations of his unauthorized sales of Future Income Payments LLC investments. Supposedly, the securities broker made these transactions in 2017-2018. This reportedly allowed him to receive $33,184 in commissions. But ProEquities and Moloney Securities did not allow securities brokers to sell away (engage in private securities transactions) absent each firm’s permission. Purportedly, Phillips did not tell those firms about his sales of FIP securities. Evidently, Phillips served the suspension between December 7, 2020 and September 6, 2021.
Notably, a client of ProEquities disputed Todd Phillips’ sales practices with structured cash flow investments (FIP LLC) and a fixed annuity. In this October 2020 FINRA Arbitration Claim, the client alleged that Phillips misrepresented these products. Secondly, the client claimed that Phillips made unsuitable recommendations. For this reason, ProEquities opted to settle with the client through making a $265,000 payment on August 19, 2021.
Also, BrokerCheck shows that a second client of ProEquities disputed Todd Phillips’ sales practices with Future Income Payments. Notably, in this November 2018 lawsuit, the client alleged misrepresentation and improper recommendations of the structured cash flow investment. Because of this, the client received $90,000 in compensation as a settlement of this matter in August 2019.
According to Moloney Securities, Todd Phillips did not comply with firm policy regarding an outside business activity. Because of this, the firm permitted him to resign in November 2018.
Did you suffer losses because of broker Todd Phillips? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful 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 substantial compensation for hundreds of United States investors who have incurred losses because of their financial advisors and securities brokers. Please note that Phillips denies all allegations of his sales practice violations.
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