David Bibo (David Omori Bibo CRD#: 2602436) is a registered broker currently employed with WESTERN INTERNATIONAL SECURITIES, INC. (CRD#: 39262) of San Jose, CA. He was previously employed with Myclearing.Com (CRD#:104161) and Interfirst Capital Corporation (CRD#:7659), both of Los Angeles, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1995.
Bibo is the subject of two currently pending customer disputes regarding unsuitable recommendations. The first, filed on 12/18/2019, requests damages in the amount of $1,500,000. The second, filed on 9/22/2020, requests $300,000 in damages.
Two previous filed on 5/15/2019 with concerns over “reasonableness of investment” requested $50,000 each. These claims were both denied.
In 1995, Bibo was “allowed to resign” from his position at Merrill Lynch for failing to disclose a petty theft charge in 1987. His rebuttal is that he believed the question (22A) on the application regarded only charges in the investment industry, not any criminal charges.
Bibo also has a petty theft charge from 1984, in which he paid a $50 fine and had six months probation.
David Bibo Accused Of Making Unsuitable Investment Recommendations
That means a broker needs to have a “reasonable basis to believe a recommended transaction or investment strategy…is suitable” based on the client’s investment profile, which is determined by things like their financial situation, age, objectives, risk tolerance and ability to understand the risks.
FINRA rules state that stockbrokers have an obligation to ensure a recommended series of transactions in a customer’s account appear suitable when viewed in isolation and when viewed in aggregate. Overall, the transactions in the account must not be excessive or unsuitable when viewed in aggregate given the customer’s investment profile.
Unsuitable investment recommendations is a common cause for investors making FINRA arbitration claims.
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