FINRA Bars David Levy From Practicing as a Financial Advisor

Disciplinary history involves alleged churning and misrepresentation

David Levy was barred by FINRA from acting as a broker in any capacity on June 26. This bar was a direct result of his alleged failure to respond to a FINRA request for information, according to FINRA, but it follows a career marred by allegations of unauthorized trading and breaches of fiduciary duty.

In July 2014, Levy was named in a FINRA complaint alleging that he was involved in churning, or the excessive buying and selling of securities with the intent to generate commission for the broker without benefiting the investor, according to FINRA’s Broker Check.

Later that year, a customer lodged a complaint against Levy on the same allegations in the amount of $60,000, according to FINRA.

These were not Levy’s first encounters with such allegations, however. He was first officially accused of churning in 2004, but he had been implicated in other disputes involving allegations of misrepresentation and breach of fiduciary duty long before, according to FINRA reports. His disciplinary history caused Ohio’s securities division to enter an order against Levy becoming registered in the state, citing a lack of “good business repute.”

In all, Levy has been implicated in disputes alleging at least $1.8 million, according to the complaints filed on FINRA’s report, though in some instances he and his employers settled for more or less than the alleged amounts, often without Levy paying a cent of it, per his own comments on the disputes.

Levy was most recently registered as a financial adviser with Titus Rockefeller, LLC, in Wellington, Florida, but prior to that, he was employed with Newport Coast Securities, Inc., Wedbush Morgan Securities, Inc., and Brookstreet Securities Corporation—all in South Florida, according to FINRA.

If you have been impacted by the actions of David Levy or any other financial adviser, it is essential to know your rights. At Silver Law Group, our securities arbitration attorneys are equipped with skills and experience to help you navigate your legal right to loss recovery through securities arbitration. We will provide you with a complimentary consultation and the understanding that each case is handled on a contingent fee basis in which you will only have to pay legal fees if Silver Law Group wins your case.

The actions of financial advisers should not negatively affect your financial future, and Silver Law Group is here to help. Contact us today for your free consultation.