David John Strnad of Nashville Tennessee a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been issued a Financial Industry Regulatory Authority (FINRA) Wells Notice revealing that FINRA concluded that it should pursue a disciplinary action against Strnad founded on accusations that Strnad violated FINRA Rule 2010 by effecting trades in a customer’s account without the customer’s permission. Wells Notice Examination Case No. 20160515696 (Nov. 6, 2018).
FINRA Public Disclosure confirms that Strnad has been identified in two customer initiated investment related disputes containing allegations of Strnad’s misconduct while employed with Morgan Stanley. Specifically, a customer initiated investment related arbitration claim regarding Strnad’s activities was settled for $30,000.00 in damages based upon accusations that Strnad effected unauthorized over-the-counter equities trades in the customer’s account. National Association of Securities Dealers (NASD) Arbitration No. 03-00857 (May 11, 2004).
Additionally, on May 5, 2017, a customer initiated investment related complaint concerning Strnad’s conduct was resolved for $89,646.00 in damages supported by allegations that Strnad churned the customer’s trust account, trading certificates of deposit on an excessive, unwarranted basis.
Strnad’s registration with Wells Fargo Clearing Services LLC was terminated on July 10, 2018.
