- November 25, 2018
- Newbridge Securities
The Wolper Law Firm is currently investigating claims against David Fagenson, a Financial Adviser at Newbridge Securities in Boca Raton, FL. David Fagenson has been in the securities industry since 1980 and was previously employed by UBS Financial Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), David Fagenson has been the subject of twelve (12) customer complaints during his career. In addition, David Fagenson was previously terminated by UBS for allegedly exercising time and price discretion in customer accounts. He was also criminally charged with the illegal cultivation of marijuana.
Among the customer complaints filed against David Fagenson include the following:
- September 2017—”August 15, 2012 to September 27, 2016 The client alleges he was promised a certain rate on his fees in a discretionary account was completely overcharged.” Alleged damages are $100,00 and the mater remains pending.
- September 2016—”TIME FRAME: 2013 TO 2016 CLIENT ALLEGES THAT UNAUTHORIZED TRADES WERE MADE IN HIS ACCOUNT AND THAT HE GAVE INSTRUCTIONS TO PLACE STOP-LOSS ORDERS ON SEVERAL INVESTMENTS THAT WERE NOT ENTERED.” Alleged damages are $85,000 and the matter remains pending.
- October 2011—”THE CUSTOMER ALLEGES MISREPRESENTATION, UNAUTHORIZED TRADING, EXCESSIVE TRADING AND UNSUITABLE INVESTMENT RECOMMENDATIONS FROM JULY 2004 TO SEPTEMBER 2010.” The matter was settled for $112,500.
For a full copy of David Fagenson’s BrokerCheck disclosures, click https://brokercheck.finra.org/individual/summary/1652012#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.
The Wolper Law Firm is interested in speaking with clients of David Fagenson as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. 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.