Sandlapper Securities Expelled From FINRA

Complaint Filed Against Wells Fargo Stock Broker David Todd (CRD# 1785902)

Stock brokers are entrusted with the responsibility of managing their client’s investments, but not all brokers uphold this trust. One such broker is David Todd (CRD# 1785902). This article aims to shed light on the complaints and lawsuits associated with him.

David Todd’s Misconduct

It is alleged that David Todd made unsuitable investments. It’s important to note that stockbroker fraud is not uncommon and can take various forms, such as outright theft, unauthorized trading, misrepresentation, excessive trading, lack of diversification, and unsuitable investment recommendations.

The BrokerCheck report for David Lee Todd includes the following disclosures:

  1. Customer Dispute – Pending
    • Reporting Source: Broker
    • Employing firm when activities occurred which led to the complaint: WELLS FARGO CLEARING SERVICES, LLC
    • Allegations: The claimant alleges that beginning in or about November 2020, the FA made unsuitable investments.
    • Product Type: Debt-Corporate, Equity Listed (Common & Preferred Stock)
    • Alleged Damages Amount Explanation (if the amount not exact): The claimant is seeking compensatory damages between $100,000 and $500,000.
    • Is this an oral complaint? No
    • Is this a written complaint? No
    • Is this an arbitration/CFTC reparation or civil litigation? Yes
    • Arbitration/Reparation forum or court name and location: FINRA
    • Docket/Case #: 22-01929
    • Filing date of arbitration/CFTC reparation or civil litigation: 08/30/2022
    • Date Complaint Received: 08/30/2022
    • Complaint Pending? Yes
    • Settlement Amount: Not provided
    • Individual Contribution Amount: Not provided

This information was found on pages 9, 10, and 11 of the document. Please note that a disclosure event may be pending or involve contested allegations that have not been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputing the allegations) with no admission or finding of wrongdoing.

Need Help, Call The Investor Rights Lawyers

Haselkorn & Thibaut, a leading investment fraud law firm, specializes in fighting for investors nationwide. With over 50 years of experience, the firm has recovered millions for investors and boasts a 98% success rate. The firm’s offices are located in Florida, New York, North Carolina, Arizona, and Texas.

If you have suffered investment losses due to stockbroker fraud, Haselkorn & Thibaut can help. The firm offers a free consultation at 1-888-779-0640 or visit their website. Importantly, if there’s no recovery, there’s no fee.

How to Check a Broker’s CRD Number

To check a broker’s CRD number, you can use the tool at brokercheck.finra.org. Simply input the broker or brokerage firm’s CRD number and run the search. This can provide valuable information about a broker’s professional history and any associated complaints or lawsuits.

Conclusion

While there is a lack of specific information about David Todd’s misconduct, it’s clear that stockbroker fraud is a serious issue that can lead to significant financial losses for investors. If you have suffered investment losses due to stockbroker fraud, don’t hesitate to reach out to Haselkorn & Thibaut for a free consultation. The firm’s experienced team is ready to fight for your rights and help you recover your losses.

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