Former Financial Advisor David Jerke Barred by FINRA

• August 12, 2025
• LPL Financial

David Lee Jerke (CRD#: 5129935) was a previously registered broker and investment advisor.

Broker’s History

He entered the securities industry in 2006 and previously worked with KMS Financial Services, Inc.; Securities America, Inc.; and LPL Financial LLC.

Current and Past Allegations of Conduct Leading to Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2025, David Jerke became the subject of a customer dispute alleging, “ POA for client was approached by FA Jerke for an “investment opportunity” that could be lucrative, however he was in need of $200k. POA agreed to lend the funds to FA Jerke and he processed a transfer from client’s LPL account to his personal bank account. Funds were lost to a scammer/fraudster. LPL settled with client/POA to make the client whole.” The damage amount requested was $200,000.00 and the customer dispute settled for $200,000.00

In addition, David Jerke has been the subject of two other FINRA Disclosures:

• March 2025—“ Without admitting or denying the findings, Jerke consented to the sanction and to the entry of findings that he refused to provide documents and information as requested by FINRA in connection to its investigation of allegations made by his member firm on a Form U5 filling. The findings stated that Jerke was terminated from his firm because he had solicitated a loan from a customer without notice to and approval from his firm.” David Jerke was permanently barred by FINRA. For a copy of the FINRA Disciplinary Action Details, click here.
• December 2024—Discharged by LPL Financial LLC, “Solicited loan from customer without notice to and approval from Firm.”

For a copy of David Jerke’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.”  This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client.  There is also an exception if the client is a financial institution regularly engaged in the business of lending.  The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.