David Leonard Sheppard, a former broker who worked in New York and Massachusetts, was barred from the securities industry in April 2017.
Sheppard was in the middle of a FINRA inquiry. FINRA was investigating Sheppard for potential excessive trading and churning in multiple customer accounts.
In conjunction with its investigation, FINRA requested that Sheppard appear to give testimony in an on the record interview (“OTR”). Sheppard subsequently advised the FINRA enforcement staff that he would not appear to testify. The failure to cooperate in a FINRA investigation is a serious violation of FINRA rules.
Sheppard ultimately signed a letter of acceptance, waiver and consent (“AWC”) in which he agreed to accept being barred from the securities industry.
The State of New Jersey also revoked Sheppard’s New Jersey license in July 2017 as a result of FINRA’s bar.
Sheppard had worked in the securities industry since 1995. Most recently, he worked at Capital Securities Management, Inc., in Hudson, MA from May 2009 to July 2010 and Bishop, Rogen & Co., Inc., from July 2010 to February 2014. He then worked at Aegis Capital Corp. from February 2014 to December 2015 and Meyers Associates, LLC from December 2015 until October 2016. Both those firms are in New York.
Sheppard’s disclosure page on FINRA’s BrokerCheck web site lists three customer disputes. One has been pending since December 2015, one was settled for $40,000 in 2015 and one was denied in 1999. There are also two judgments/liens listed, together with the two regulatory sanctions described above.
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