David William Schwartz, of North Miami Beach, Florida, a stockbroker registered with FMSBonds Inc., was the subject of a customer initiated investment related complaint filed on December 28, 2020, in which the customer requested $253,800.00 in damages based upon allegations that Schwartz made the unsuitable investment recommendation of municipal bonds during the time that Schwartz was associated with FMSBonds Inc. The complaint was closed without further action taken by the customer.
This is not the first time that Schwartz has been referenced in a customer initiated investment related dispute concerning Schwartz’s conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Schwartz was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled to resolve allegations that FMSBonds Inc. violated FINRA rules, breached a contract, committed fraud, was negligent, and breached his fiduciary duties in connection with the sale of stocks and corporate bonds during the period that Schwartz was associated with FMSBonds Inc. FINRA Arbitration No. 09-06877 (December 9, 2011). Public Disclosure also shows the customer subsequently withdrew the arbitration without compensation.
On September 6, 2013, a customer initiated an investment related FINRA securities arbitration claim involving Schwartz’s conduct was settled to resolve allegations that Schwartz overconcentrated the account in high-risk bonds and made unsuitable investment recommendations. FINRA Arbitration No. 11-00796.
Schwartz has been associated with FMSBonds Inc. in North Miami Beach, Florida since January 16, 1995.
