INVESTOR ALERT: Former Wells Fargo Financial Advisor, David Strnad, Suspended By FINRA For Eighteen Months For Unlawful Sales Practices
David J. Strnad is a former Financial Advisor at Wells Fargo Clearing Services, LLC in Nashville, TN. David Strnad has been in the securities industry since 1989 and previously worked at Morgan Stanley and Citigroup Global Markets.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 31, 2019, David Strnad was sanctioned by FINRA, suspending him from associating with a brokerage firm for eighteen months and fining him $10,000.
The allegations of the FINRA sanction are as follows: “Without admitting or denying the findings, Strnad consented to the sanctions and to the entry of findings that executed unauthorized transactions involving bank-issued certificates of deposit (CDs) in accounts of an elderly customer. The findings stated that although the customer verbally authorized Strnad to purchase new CD issuances after maturity of prior CD issuances, he exceeded the scope of his authority by selling CDs held by the customer prior to maturity, nearly always at a loss, and using the proceeds to purchase new CDs for the customer. Strnad execution of these transactions in the customer’s accounts caused him to incur losses of approximately $100,572, net of interest. After the customer’s daughter complained on his behalf, Strnad’s member firm provided compensation to the customer. Strnad in accurately marked some of these transactions as “unsolicited.” Strnad’s trading caused the customer to pay $4,268.73 in unnecessary commissions.”
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2016051569601%20David%20John%20Strnad%20CRD%201982721%20AWC%20va.pdf
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), David Strnad is the subject of an another customer complaint, in addition to the one mentioned above, alleging:
- March 2003 – “ALLEGES THAT STRNAD DID UNAUTHORIZED TRADES.” The matter settled for $30,000.
For a copy of David Strnad’s CRD, click https://brokercheck.finra.org/individual/summary/1982721.
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.
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 email@example.com.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures