Newbridge Financial Advisor, Dana Davis, Has Eight Customer Complaints, Including Two Pending Complaints
The Wolper Law Firm is currently investigating claims against Dana Davis, a Financial Advisor at Newbridge Securities Corp. in New York, NY. Dana Davis has been in the securities industry since the 1980s and previously worked at First Montauk Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 5, 2018, a customer filed a complaint against Dana Davis, alleging “CLAIMANT ALLEGES SALE OF UNSUITABLE SECURITIES, USE OF MARGIN, NEGLIGENCE AND BREACH OF FIDUCIARY DUTY.” The alleged damages are $150,000 and the matter remains pending.
This is not Dana Davis’ first customer complaint. She has been the subject of numerous complaints during his career, alleging sales practice violations. Among the complaints against Davis include:
• January 2018—”CLAIMANT ALLEGES AMONG OTHER THINGS, MISREPRESENTATION, UNSUITABLE AND EXCESSIVE TRADING, NEGLIGENT SUPERVISION AND BREACH OF FIDUCIARY DUTY.” Alleged damages are $299,000 and the matter remains pending.
• October 2007—”CLIENT ALLEGES UNAUTHORIZED TRADING, CHURNING, BREACH OF FIDUCIARY DUTY, FRAUD, MISREPRESENTATION AND NEGLIGENCE IN HIS ACCOUNTS.” The matter was settled for $75,000.
In addition, in 2006, Dana Davis was discharged by First Montauk Securities for
“ALLEGED UNAUTHORIZED TRADING AND FAILURE TO FOLLOW FIRM POLICIES AND PROCEDURES.”
A For a full copy of Dana Davis’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1707708#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.
If you or someone you know was a customer Dana Davis and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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.
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