David Sullivan Accused of Excessive Trading on More Than One Occasion

Other allegations include unsuitable investments and unauthorized trading.

In the securities industry for 28 years, New York broker David J. Sullivan is the subject of yet another customer complaint against his behavior as a securities broker.

This most recent complaint alleges that on or about September 2011 through approximately December 2014, while associated with J.P. Morgan, Sullivan effected numerous transactions in three accounts of a customer without obtaining prior written authorization from the customer and without J.P. Morgan having accepted the accounts as discretionary.

As a result, in November 2015, Sullivan accepted and consented to these findings by FINRA and agreed to a 15-day suspension and fine of $5,000.00.

Prior to this FINRA action, In April 2015 Sullivan consented to being supervised on a heightened basis as a result of another customer complaint. In this case, FINRA took into consideration Sullivan’s previous three customer complaints, which included making excessive trades, making unsuitable investment recommendations, unauthorized trading, and making misrepresentations while registered with several broker-dealers since August 1988. Damages granted in just one of those cases equaled $1,000,000.00.

Have you or someone you know lost money at the hands of David Sullivan or any other broker? If so, it is important for you to know your rights as an investor. The securities arbitration attorneys at Silver Law Group are here to help you in the possible recovery of your financial losses. We represent investors nationwide and are ready to hear about your experience. Our services are offered on a contingency-fee basis, meaning there is no charge unless money is recovered.