David Carl Ferwerda of Grand Rapids Michigan a stockbroker formerly registered with Signator Investors Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA in an investigation concerning his alleged unapproved private securities transactions. Letter of Acceptance Waiver and Consent No. 2018057887801 (Oct. 30, 2018).
According to the AWC, FINRA was informed by Signator Investors, Inc. on March 22, 2018 that the firm had discharged Ferwerda on March 20, 2018 based upon accusations that Ferwerda sold investments away from the firm; conduct violative of the firm’s policy.
The AWC stated that on August 27, 2018, Ferwerda was sent a letter from FINRA which requested Ferwerda to provide information and documentation to the regulator about Ferwerda’s involvement in selling investors notes relating to Woodbridge Group of Companies LLC – a group of unregistered investment entities – and 1 Global Capital LLC. The AWC stated that the information and documentation requested from Ferwerda was supposed to be provided to FINRA by September 10, 2018.
Evidently, Ferwerda’s counsel procured an extension from FINRA so that a response could be in order by September 21, 2018. Despite the extension, Ferwerda never provided the information and documentation that FINRA requested. Rather, counsel for Ferwerda contacted FINRA on September 21, 2018, revealing that Ferwerda would not be cooperating with FINRA’s request. The AWC stated that Ferwerda’s failure to cooperate in the investigation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure also confirms that on March 5, 2018, Ferwerda became subject of an investigation by Michigan Department of Licensing and Regulatory Affairs concerning Ferwerda’s possible involvement in unregistered securities sales. In addition, on July 10, 2018, a customer filed an investment related complaint concerning Ferwerda’s activities where the customer sought damages estimated to exceed $5,000.00 supported by allegations that while Ferwerda was associated with Signator Investors Inc., he omitted information from the customer concerning the tax consequences relating to the customer’s mutual fund transactions.
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