Farmington Hills Broker Discharged from Morgan Stanley amid Allegations of Improper Bond Transactions
Robert C. David was a registered broker and investment adviser for Morgan Stanley in the Farmington Hills branch office from June 2009 until March 2019. According to the Financial Industry Regulatory Authority, Inc. (FINRA) BrokerCheck website Mr. David was dismissed from Morgan Stanley on March 5, 2019, amid “allegations related to (the) registered representative entering inaccurate client profile information relative to bond-related transactions and concerns that some of those transactions were not confirmed immediately beforehand.”1
The BrokerCheck website also provides information on three customer complaints lodged against Mr. David.2 In the first complaint, dated 5/23/2019, the claimant alleges, inter alia (defined as “among other things”), unsuitability with respect to investments made in a period from March 2017 to March 2019. This complaint is still pending. In the second complaint, dated 5/31/2019, which is also still pending, the client alleged, inter alia, unauthorized trading with respect to investments made during a period from October 2010 to May 2019. The client is requesting damages in the amount of $800,000.00. In the third customer dispute, which was settled on 3/14/2020 for $35,000.00, the client verbally alleged, inter alia, unsuitability with respect to investments made from April 2015 through March 2019.
In addition to working for Morgan Stanley for 9 years, Mr. David previously served as a broker with Citigroup Global Markets in Farmington Hills for 2 years. According to Wealthminder.com, a nationwide database of investment advisors, Mr. David is currently employed since April 2019, with Advisory Services Network, LLC, headquartered in Atlanta, Georgia.3 Mr. David works at the company’s Farmington, Michigan, branch office.
The U.S. Securities and Exchange Commission is the agency which enforces the regulations in The Securities Exchange Act of 1934, which governs the way in which the nation’s securities markets and its brokers and dealers, like Morgan Stanley, operate. Brokerage firms are liable for investment losses suffered by clients when the brokerage firm is found to be not adequately supervising their registered representatives. A guide to significant provisions of the act and its rules governing broker-dealers can be found online.4
The Law Offices of Peter C. Rageas has been helping victims of Investment and Securities Fraud recover financial losses for over 20 years. We Are a Full-Service Securities Law Firm handling all aspects of Investment & Securities Fraud a well as Tax Resolution.
If you have questions about investment fraud, financial schemes, broker misconduct, or about your broker’s management of your account, please contact our Securities Law Firm at: 313-334-7767 for a case evaluation.
1,2 Robert C. David Jr., www.brokercheck.finra. org
3 Robert David
4 Guide to Broker-Dealer Registration, U.S. Securities and Exchange Commission, April 2009