Broker David Weisberg, Worden Capital Management in New York, NY
According to public records on the Financial Industry Regulatory Authority (FINRA) website, David Weisberg was reportedly suspended from associating with any FINRA member for 11 months and sanctioned with a fine of $7,500.00, plus disgorgement of $75,638.00.
According to FINRA, Weisberg allegedly “engaged in excessive and unsuitable trading in the account of an elderly customer.” The findings further stated that Weisberg purportedly began soliciting stock trades, based on tips from a certain stock-picking website and other sources. Some of Weisberg’s recommendations reportedly involved in-and-out trading and many of them allegedly used margin.
According to FINRA’s findings, “[t]he customer relied on Weisberg’s advice, accepting all of his recommendations,” and “[i]n virtually every case, the customer purchased or sold exactly the quantity of shares that Weisberg suggested.” FINRA further alleged that ‘[t]he costs of Weisberg’s trading in the customer’s account were significant and Weisberg did not track the trading costs or take them into consideration when making recommendations.“
The trading allegedly generated commissions of approximately $75,638 for Weisberg while the customer reportedly lost approximately $55,627, according to FINRA. Further, the findings also alleged that “Weisberg used discretion to initiate stock trades in customers’ accounts without written authorization and his member firm never accepted their accounts for discretionary trading.”
According to his broker profile, Weisberg was reportedly registered with Worden Capital Management in New York, NY from 2016 until 2019. He has 4 customer complaints reportedly filed against him, according to FINRA, with two still pending. Allegations include negligence, unsuitability, breach of fiduciary duty, breach of contract, negligent misrepresentation and omissions, among others.
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Tags: David Weisberg complaints, David Weisberg financial advisor, David Weisberg FINRA, David Weisberg investigation, David Weisberg lawsuit, David Weisberg New York, David Weisberg recovery, David Weisberg Worden Capital Management Last modified: May 12, 2020