David Robert McDonnell (also known as Dave McDonnell) of Laguna Beach, California, a stockbroker formerly registered with TCFG Wealth Management LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to comply with FINRA’s investigation centered on allegations of McDonnell’s potential private securities transactions and outside business activities while registered with TCFG Wealth Management. Letter of Acceptance, Waiver, and Consent No. 2022073798801 (March 22, 2022).
According to the AWC, McDonnell was terminated as a stockbroker by TCFG Wealth Management because of allegedly taking part in private securities transactions, where TCFG Wealth Management was unaware of him issuing promissory notes. The securities broker dealer also alleges that McDonnell was trustee through an outside business activity.
FINRA asked McDonnell to provide documents and information as part of the investigation into his activities. The request, dated February 18, 2022, called for McDonnell to provide documents and information relating to the circumstances of his termination of employment. McDonnell emailed FINRA on March 7, 2022, relaying that he was not going to provide documents or information at any point in FINRA’s investigation. McDonnell violated FINRA Rules 2010 and 8210. He was barred for this reason alone.
McDonnell was registered with TCFG Wealth Management between January 26, 2016, and January 14, 2022.