David Weisberg, formerly with Worden Capital Management, Suspended 11 Months by FINRA
Have you lost money with financial advisor David Weisberg from New York, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against David Weisberg. FINRA filed a complaint against Weisberg regarding allegations while he was affiliated with Worden Capital Management. Weisberg was suspended from the securities industry for 11 months, fined $7,500, and ordered to disgorge $75,638 in commissions (although brokers often don’t pay these fines and disgorgements).
Weisberg was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning) in an elderly customer’s account. FINRA alleged that Weisberg’s customer had an account with a cost-to-equity ratios of 169% while at Worden Capital Management. To put this in perspective, if an account had a cost equity ratio of 50%, that means the trading in the account would have to make a 50% profit annually just to break even from the costs of trading.
David Weisberg was a registered representative and financial advisor with Worden Capital Management from November 2016 to July 2019. He worked out of a branch office in New York, New York. Weisberg has also been the subject of at least four customer complaints.
Broker-dealers like Worden Capital Management have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers 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 Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.