WALTER CLARK Sell You Unsuitable Investments?

The Financial Industry Regulatory Authority (FINRA) reports on BrokerCheck that clients have disputed the sales practices of Wilmington Capital Securities broker, Walter Clark (CRD#:1803139, Columbia Maryland). Notably, since March 8, 2018, three clients brought disputes about the broker. Those claims come after FINRA permanently barred Clark from acting as a securities broker. Here’s a summary of the client disputes:

Newbridge Client Files FINRA Arbitration Suggesting Walter Clark Churned Account

A client of Newbridge Securities Corporation (Clark’s former employer) brought FINRA Arbitration #:18-03263 on June 18, 2019. The client claimed Walter Clark made unsuitable stock trades in the client’s brokerage account. Not only that, but the client claimed that Clark churned the client’s account. Newbridge Securities Corporation allegedly failed to supervise Clark’s trading. Because of this, the firm agreed to pay the client $20,000 to settle the matter June 18, 2019.

Investor Files FINRA Arbitration Alleging Clark Gave Bad Advice About Stocks

Next, a Wilmington Capital Securities and Newbridge client brought FINRA Arbitration #:18-00656 about Walter Clark’s alleged trading violations. Namely, the client claimed that Clark recommended bad investments, including common and preferred stock, for the client’s account. Supposedly, Clark engaged in unauthorized activities which caused the unsuitable stocks to be held in the client’s account. For this reason, the client demanded $190,000 in damages in this ongoing matter.

Adirondack Trading Group Client Files FINRA Arbitration Suggesting Walter Clark Made Unauthorized Trades

 

A client of Adirondack Trading Group, who Walter Clark worked for from 2014 to 2015, brought FINRA Arbitration #: 18-00656 on February 19, 2018. First of all, Clark allegedly made trades which the client did not authorize. Secondly, the client claimed that Clark sold the client unsuitable investments including equity and debt products. Thirdly, Clark purportedly placed his interest ahead of the client’s which amounted to a breach of fiduciary duty. Finally, the client suggested Clark churned the client’s brokerage account. What’s more, this client alleged Clark engaged in those wrongful activities within the client’s accounts at Newbridge, Leigh McCobb Garber and Wilmington Capital Securities. Evidently, the client demanded $190,000 in this pending matter.

FINRA, Maryland Securities Division Bar Clark From The Securities Industry

 

Evidently, FINRA barred Walter Clark from acting as a broker or even associating with a securities broker, alleging that Clark declined to respond to a FINRA request. Evidently, FINRA asked Clark for information to determine if he violated FINRA rules. However, Clark did not reply. FINRA suspended Clark in December 2017, and barred him in March 2018 for not requesting the termination of his suspension.

Also, on May 17, 2018, Maryland Securities Division issued an Order #: 2018-0211 barring Walter Clark from acting as a broker in Maryland. The Division claimed that Clark made unsuitable and unauthorized trades and altered a client’s investment account forms. Supposedly, Clark committed those sales practice infractions when he worked at Newbridge, Southeast Inc. and Adirondack LLC. For this reason, the Division found that he violated Maryland Securities Act.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Investment Loss Lawyer In Boca Raton, FL

If you suffered losses by investing with securities broker Walter Clark, contact Soreide Law Group at (888) 760-6552. Speak with experienced legal counsel about a possible recovery of your investment losses. Notably, Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. The firm represents clients on a contingency fee basis and advances all costs.