David Francis Faline of St. Augustine Florida a stockbroker formerly employed by Newbridge Securities Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested more than $5,000.00 in damages based upon allegations that (1) the customer’s investments were overconcentrated in alternative investments and common and preferred stocks and (2) the investment strategy was unsuitable and incompatible with the customer’s risk tolerance or overall investment circumstances. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02631 (Aug. 29, 2019).
FINRA Public Disclosure confirms that Faline is referenced in four more customer initiated investment related disputes containing accusations of Faline’s violative conduct during the period in which he was employed by securities broker dealers including Newbridge Securities Corporation. Specifically, Faline is referenced in a customer initiated investment related written complaint where the customer sought $130,000.00 in damages supported by allegations that the customer’s funds had been stolen or otherwise misappropriated by Faline; and the customer’s investment account had been liquidated contrary to the customer’s investment instructions.
Another customer initiated investment related arbitration claim concerning Faline’s behavior was settled for $14,999.00 in damages founded on accusations that the customer’s investment account failed to be supervised; fiduciary obligations were violated; false and misleading facts had been provided to the customer in reference to investment transactions; and stock, over-the-counter equities and corporate debt trades executed in the customer’s account failed to be suitable for the customer. FINRA Arbitration No. 14-00457 (Mar. 31, 2015).
Faline is also the subject of a customer initiated investment related arbitration claim which was resolved for $80,000.00 in damages based upon allegations that Faline’s stock recommendations were wholly unsuitable and led the customer to experience unwarranted investment losses. FINRA Arbitration No. 17-02451 (July 13, 2018). Another customer filed an investment related arbitration claim in regard to Faline’s activities in which the customer requested more than $100,000.00 in damages founded on accusations that the customer’s account was administered negligently; fiduciary duties owed by the stockbroker had been breached; misrepresentations were made concerning investments sold to the customer; and transactions effected by the stockbroker failed to be suitable for the customer. FINRA Arbitration No. 19-00208 (Jan. 15, 2019).
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.
