David Phillips, previously with ProEquities and Moloney Securities, Suspended by FINRA
Have you lost money with financial advisor David or “Todd” Phillips? We are looking into allegations made about David Todd Phillips from Gilbert, Arizona. FINRA (the Financial Industry Regulatory Authority) suspended Phillips from the securities industry for nine months and fined him $5,000. FINRA was investigating Phillips after he allegedly did not disclose private securities transactions. Phillips has been alleged to have sold $876,636 in investments in Future Income Payments (FIP), and investors have suffered significant losses in FIP.
David or Todd Phillips was a financial advisor and registered representative of ProEquities from 2007 to November 2017. He was also with Moloney Securities from November 2017 to November 2018. He worked in branch offices in Gilbert, Arizona. Moloney Securities permitted Phillips to resign after it learned of a customer complaint involving FIP.
Brokerage firms like ProEquities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including Arizona. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against ProEquities.