David Francis Faline of Boca Raton Florida a stockbroker formerly registered with NewBridge Securities Corporation is referenced in a customer initiated investment related arbitration claim which settled for $80,000.00 in damages founded on accusations that Faline provided the customer with poor advice in reference to common or preferred stock held in the customer’s investment account causing the customer to incur unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02451 (Aug. 13, 2018).
FINRA Public Disclosure reveals that Faline is referenced in two additional customer initiated investment related disputes containing allegations of Faline’s violative conduct while employed with Newbridge Securities Corporation. Specifically, on February 14, 2013, a customer filed an investment related complaint concerning Faline’s conduct in which the customer requested an estimated $130,000.00 in damages based upon accusations that Faline misappropriated the customer’s funds and effected a liquidation of the customer’s securities portfolio without the customer having provided consent.
Subsequently, a customer initiated investment related arbitration claim regarding Faline’s activities was resolved for $14,999.00 in damages supported by allegations that Faline breached his fiduciary duties to the customer; induced the customer’s investment purchases by making misrepresentations as well as misleading and false statements; and placed the customer in common or preferred stock, over-the-counter equities and corporate-debt products that were not suitable for the customer. Moreover, the customer alleged that Newbridge Securities Corporation failed to supervise Faline’s investment-related activities in the customer’s account. FINRA Arbitration No. 14-00457 (Mar. 31, 2015).
Faline’s registration with Newbridge Securities Corporation has been terminated as of December 28, 2015. Between April 3, 2017 and June 15, 2017, Faline was associated with Allstate Financial Services, LLC.
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