- August 1, 2019
- First Standard Financial Company
Andre P. Davis (CRD # 1417097) was a former Financial Advisor at First Standard Financial Company in Red Bank, NJ. Andre Davis has been in the securities industry since 2000 and worked at National Securities Corporation, Brookstone Securities, Newbridge Securities Corporation, LH Ross & Company, First Montauk Securities and J.W. Barclay & Co. He currently works for Paulson Investment Company in New York.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Nicholas Schiano has fourteen customer complaint disclosures, including the following:
- June 2019 – “Claimant alleged churning, unauthorized trading and poor performance.” Alleged damages are $152,400. The matter is currently pending.
- May 2019 – “UNAUTHORIZED TRADING, EXCESSIVE TRADING, UNSUITABLE INVESTMENTS.” Alleged damages are $461,000. The matter is currently pending.
- April 2019 – “Excessive Trading, Unathorized Trading.” Alleged damages are $300,000, and the matter is currently pending.
- April 2019 – “EXCESSIVE TRADING, UNSUITABLE INVESTMENTS.” Alleged damages are $238,135.68, and the matter is currently pending.
- February 2019 – “UNATHORIZED TRADING & SUITABILITY.” Alleged damages are $668,000, and the matter is currently pending.
- July 2018 – “CHURNING & UNSUITABLE TRADES.” Alleges damages are $100,000, and the matter is currently pending.
- July 2016 – “Unsuitable recommendations.” Alleges damages were $5,000, but the matter settled for $24,999.99.
- August 2011 – “CLAIMANT ALLEGES THAT DURING THE TIME PERIOD OF JANUARY 2010 THROUGH APRIL 2010, MR. DAVIS MISREPRESENTED INVESTMENTS TO THE CLAIMANT, AS WELL AS GUARNATEED AN INVESTMENT AGAINST LOSS.” The matter settled for $11,000.
- December 2010 – “CUSTOMER (THROUGH HIS SON) ALLEGES UNSUITABLE TRANSACTIONS, MISREPRESENTATINOS, CHURNING, EXCESSIVE COMMISSIONS, BREACH OF FIDUCIARY DUTY, AND FAILURE TO FOLLOW INSTRUCTIONS RELATED TO [CUSTOMER’S] ACCOUNT DURING THE PERIOD OF 12/2/2008 TO PRESENT (MAY 10, 2010).” The matter settled for $135,000.
For a copy of Andre Davis’ CRD, click https://brokercheck.finra.org/individual/summary/1417097#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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