Written by The White Law Group• September 25, 2019• 3:26 pm• Current Investigations

David Manor Broker Investigation

Financial Advisor David Manor, Wells Fargo Clearing Services in Boston, MA

Are you concerned about investments you made with David Manor in Boston, MA? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to public records on FINRA’s website, the regulator filed a complaint alleging that Manor participated in an unapproved outside business activity with his member firm’s customer, a then 75-year-old retiree, and purportedly failed to disclose his participation in the outside business activity or his alleged compensation from this participation to the firm.

The complaint alleges that specifically, Manor assisted the customer in selling mineral rights the customer owned in connection with a property in Texas. The customer then reportedly compensated Manor for the sale with $107,000. FINRA alleges that these activities and payments are outside of the scope of Manor’s association with the firm.

Manor purportedly recommended and purchased unsuitable S&P 500 Index put options totaling $224,985.37 in the customer’s Schwab account, reportedly resulting in losses to the customer of approximately $224,837 in less than three months.

Consequently, Manor was reportedly suspended from working in the securities industry for nine months.

According to his FINRA BrokerCheck report, Manor was reportedly affiliated with Wells Fargo Clearing Services in Boston, MA from August 2016 until February 2018 when he allegedly voluntarily resigned after allegations.

Prior to that, he was reportedly affiliated with Santander Securities in Brookline, MA for three years. He reportedly has 2 customer complaints on his broker record. Allegations include unsuitable investment recommendations and misrepresentation.

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Manor’s former employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unsuitable investments or participating in outside business activities, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Massachusetts. Our attorneys have recovered millions of dollars from many brokerage firms in the past.