Articles Tagged with Vest Investment Securities

Austin, Texas-based Purshe Kaplan Sterling broker Daniel Davila has been involved in resolved or pending complaints, according to the Financial Industry Regulatory Authority (FINRA). Davila allegedly recommended unsuitable investments in non-traded real estate investment trusts (REITs) and private placements, breached contract, committed fraud, breached fiduciary duty, engaged in conspiracy, employed deceptive trade practices and acted negligently. These are all against securities laws and internal firm rules. A brokerage firm has a reasonable duty to only recommend and sell those investments that are suitable for customers, by taking into account their age, net worth, investment objectives and investment sophistication. REITs and private placements tend to be highly illiquid and risky ones, and are not suitable for all investors.

FINRA public records indicate that Daniel Davila was previously registered with H.D. Vest Investment Securities in Irving, Texas from July 1987 until January 2001, National Planning Corp in Austin from January 2001 until October 2009, and Triad Advisors in Austin from October 2009 until October 2014. He is currently registered with Purshe Kaplan Sterling Investments in Austin and has been since October 2014. He has two customer disputes against him that are currently pending.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Larry Allen Stapp allegedly borrowed $200,000 from a firm customer. This is against securities rules and regulations. For this, he was fined $10,000 and suspended for six months. If you invested money with Larry Allen Stapp, you may be able to recover those losses in the FINRA arbitration forum on a contingency fee basis. Please call our Chicago-based securities law firm today to speak to an attorney about your options. The call is free with no obligation. Stapp was registered with H.D. Vest Investment Securities in Irving, Texas from January 1989 until March 1996 and LPL Financial in Midland, Texas from March 1996 until March 2016. He is not currently registered with any member firm and is not licensed within the industry.

Did you invest money with Richard L. Brown? If so, you may be able to recover your losses by suing his former firm, Brookstone Securities, in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. The call to us is free and there is no obligation. We have represented thousands of investors in this process. Richard L. Brown has one pending and one final criminal charge, according to his FINRA online, public BrokerCheck page. He has one pending civil event and one pending customer dispute. He has been accused of Conspiracy to Commit Securities Fraud, Securities Fraud, Money Laundering Conspiracy and Conspiracy to commit wire fraud. A customer of Brown’s is alleging damages of $72,133 for churning and suitability, stemming from when Brown was registered at Brookstone Securities. Four prior complaints alleged damages of $120,000 for excessive trading and unsuitable recommendations.

Richard L. Brown was registered with H.D. Vest Investment Securities in Irving, Texas from July 1990 until April 1993, Walnut Street Securities in El Segundo, California from April 1993 until October 2005 and Mutual Service Corp in Richardson, Texas from September 2005 until September 2009. He is currently registered with LPL Financial in Richardson and has been since September 2009.

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