David Michael Logsdon of Hailey Idaho a stockbroker and investment adviser representative of Wells Fargo Clearing Services is referenced in a customer initiated investment related written complaint which was settled for $20,000.00 on July 22, 2020 supported by allegations that investments selected for the customer’s Wells Fargo portfolio failed to be suitable and resulted in losses.
Logsdon has been identified in four more customer initiated investment related disputes containing accusations of his conduct while employed by Wells Fargo. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related complaint involving Logsdon’s conduct was settled to resolve allegations that inappropriate mutual funds had been traded in the customer’s account during the time that Logsdon was associated with Wells Fargo.
Another customer initiated investment related complaint involving Logsdon’s conduct was settled for $69,381.51 in damages founded on accusations that Logsdon neglected to put a stop loss order on the customer’s investment portfolio which led the Wells Fargo customer to experience losses on index funds and mutual funds.
Logsdon is also the subject of a customer initiated investment related written complaint where the customer sought $15,000.00 in damages based upon allegations that misrepresentations had been made to the customer concerning the terms of mutual fund products sold by the stockbroker. On March 22, 2018, another customer filed an investment related complaint in regard to Logsdon’s conduct in which the customer requested more than $5,000.00 in damages supported by accusations that the customer’s investment portfolio had not been liquidated contrary to the customer’s instructions.
Logsdon has also been fined $5,000.00 and suspended from associating with any FINRA member in any capacity founded on findings that he executed unauthorized trades in Wells Fargo customer accounts. Letter of Acceptance Waiver and Consent No. 20080125829-01. According to the AWC, customers did not provide Logsdon pre-trade confirmation before he executed orders in their investment accounts. The stockbroker did not have any written authorization to effect trades on a discretionary basis. Customer accounts were also not approved by Wells Fargo for discretionary trading. Logsdon’s conduct was violative of National Association of Securities Dealers (NASD) Rules 2110 and 2510.
Logsdon has been registered with Wells Fargo since May 4, 2000.