David Wilson Fleming II of White Plains New York a stockbroker formerly registered with Stifel Nicolaus has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he neglected to confirm with FINRA whether he paid $401,000.00 in compensatory damages plus interest to a customer as required under a FINRA Arbitration Award. Case No. 17-01369 (Nov. 25, 2019).
Fleming was found liable for breaching a fiduciary duty to a customer as it pertained to investments in stock including Walker Energy Inc. Case No. 17-01369 (July 18, 2019). Fleming’s bad sales practices took place while he was employed by Deutsche Bank Securities, Sterne Agree Leach Inc. and Stifel Nicolaus.
This is not Fleming’s first time being sanctioned by FINRA. Fleming has been fined and suspended by the regulator based on findings of an unauthorized loan arrangement between Fleming and a customer of Deutsche Bank Securities. Letter of Acceptance Waiver and Consent No. 2017054847101 (July 18, 2019). According to the AWC, Fleming was not allowed to borrow from a customer of the securities broker dealer absent its written consent. The stockbroker did not get written permission from Deutsche Bank Securities. FINRA determined that he violated Rules 2010 and 3240.
FINRA Public Disclosure confirms that a customer filed an investment related complaint regarding Fleming’s activities where the customer sought more than $5,000.00 in damages founded on allegations that the customer had been placed into securities which were not suitable for the customer and which had resulted in high turnover in the customer’s Everen Securities account.
On July 5, 2017, Fleming was discharged by Stifel Nicolaus based upon accusations of him taking possession of an investor’s funds in violation of the securities broker dealer’s policies or procedures.
