Liberty Partners Financial Services Broker, John F. Davenport, Suspended By FINRA For Sharing Commissions Without Disclosure Or Approval
John F. Davenport (CRD # 1448999) is a Financial Advisor at Liberty Partners Financial Services, LLC in Norwalk, CT. John Davenport has been in the securities industry since 1986 and previously worked at Securities America, Inc., FSC Securities Corporation, SII Investments, Inc., Royal Alliance Associates and Prime Capital Services, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2019, FINRA suspended John Davenport alleging that in “late 2014 and early 2015, while registered with FINRA through Securities America, Davenport placed two securities transactions for a registered representative of another firm and split the commissions generated from the transactions with that representative, without the knowledge or consent of either firm, and without reflecting the commission sharing on Securities America’s books and records, in violation of FINRA Rules 4511 and 2010. Furthermore, from October 2016 through October 2017, while registered through Liberty Partners, Davenport permitted his assistant to use a personal email address to communicate with securities customers concerning business-related matters, causing the firm to fail to retain the emails among its books and records, in violation fo FINRA Rules 4511 and 2010.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017055074301%20John%20F.%20Davenport%20CRD%201448999%20AWC%20jm%20%282019-1563502764822%29.pdf
In addition, John Davenport has been the subject of three customer complaints, including the following:
- July 2019 – “violations of FINRA 2110, failure to observe high standards of commercial honor and just and equitable principles of trade, FINRA 2111 RECOMMENDING AND SELLING SECURITIES WITHOUT ADEQUATE DUE DILIGENCE AND WITHOUT A REASONABLE BASIS; Negligence, misrepresentation and omission of material fact, and breach of fiduciary duty.” The matter is currently pending.
- December 2003 – “CLIENT ALLEGES THEY WERE NOT INFORMED THAT CONTRIBUTIONS TO A CHARITABLE REMAINDER TRUST COULD NOT BE SUBSEQUENTLY WITHDRAWN AS A SINGLE SUM PAYMENT.” The matter settled for $50,000.
John Davenport also discloses a pending bankruptcy filing and two 2016 tax liens.
For a copy of John Davenport’s CRD, click https://brokercheck.finra.org/individual/summary/1448999#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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