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Unsuitability Allegations Pending Against Previously Registered Voya Financial Advisors, Inc. Financial Advisor and Broker David R. Wall

David R. Wall (CRD#: 1651874) was a previously registered Investment Advisor and previously registered broker at Voya Financial Advisors, Inc., in Simpsonville, SC. He entered the securities industry in 1987 and previously worked for Capital Investment Group, Inc., Rayment James & Associates, Inc., UCB Investor Services, Inc., Mony Securities Corp., Integrated Resources Investment Centers, Inc., Pamco Securities and Insurance Services, Inc., A.G. Edwards & Sons, Inc., and Brokers Exchange, Inc.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2021, FINRA noted David R. Wall’s employment separation from Voya Financial Advisors, Inc., after allegations. The allegations state, “Between 2013 and 2015, Representative failed to perform an adequate review of account profiles for certain customers who purchased alternative investments.”

In addition, David R. Wall has been the subject of 4 customer complaints, all of which remain pending, including the following:

● December 2020–”Allegations include unsuitable, illiquid investments were recommended in 2014.” The customer dispute is pending.
● July 2020–”Allegations within the Statement of Claim include representative (and others) solicited the sale of unsuitable securities.” Damages of $5,000,000 are requested, and the customer dispute remains pending.
● July 2020–”Allegations within the Statement of Claim include representative (and others) solicited the sale of unsuitable securities.” Damages of $5,000,000 are requested, and the customer dispute remains pending.
● September 1992–”NOT PROVIDED FORGERY OF NEW ACCOUNT FORM WITH NO LOSS OF CLAIMS INCURRED.” David R. Wall was permitted to resign from Mony Securities, Inc. after allegations.

For a copy of David R. Wall’s FINRA BrokerCheck, click here.

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.

Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.

Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.

Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s agee, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.

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 mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]