David Stewart Silberg of Melville New York a stockbroker formerly registered with Aegis Capital Corporation is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $50,000.00 in damages supported by accusations that the customer had been placed into unsuitable structured products between September of 2015 and June of 2021 because of Silberg and Aegis Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01515 (June 15, 2021).
Silberg has been identified in three more customer initiated investment related disputes containing allegations of his harmful actions while employed by GunnAllen Financial, Kirlin Securities, and Aegis Capital Corp. FINRA Public Disclosure shows that a customer filed an investment related complaint concerning Silberg’s activities in which they sought $11,700.00 in damages based upon accusations that Silberg made misrepresentations to them regarding an annuity when he was employed by Kirlin Securities.
Another customer initiated investment related FINRA securities arbitration claim regarding Silberg’s conduct was settled for $50,000.00 in damages founded on allegations of unsuitable and unauthorized trading by Silberg during the time that he was associated with GunnAllen Financial. According to the claim, GunnAllen Financial failed to supervise Silberg’s stock trades resulting in damages to the customer.
Silberg is also referenced in a customer initiated investment related FINRA securities arbitration claim that was resolved for $29,750.00 in damages supported by accusations that misrepresentations and omissions had been made by Silberg at Aegis Capital Corp regarding the customer’s investment in corporate bonds. FINRA Arbitration No. 16-01779 (May 30, 2017). The claim alleges that the corporate debt security was not suitable for the customer.
Silberg has also been sanctioned by a securities regulator. Silberg agreed with Massachusetts Securities Division to be placed on heightened supervision and refrain from soliciting Massachusetts investors. Case No. R-2018-0115 (Sept. 27, 2018). The regulator’s disciplinary action is based on allegations that Silberg was involved in customer complaints alleging sales practice violations.
The regulator noted that Silberg was accused of forging a check and a loan form. He allegedly misrepresented information relating to selling an annuity, transferring a life insurance policy, and investing in other products. The regulator also contends that Silberg made unsuitable and unauthorized trades. The sanctions were also founded on Silberg being twice terminated from a securities broker dealer for cause.
Silberg’s registrations as a stockbroker and investment adviser representative of Aegis Capital Corp were terminated on August 16, 2018. Between July 17, 2018, and September 2, 2020, he was registered as a stockbroker of Allied Millennial Partners LLC. Silberg was also registered with Millennial Advisers LLC as an investment adviser representative between July 20, 2018 and September 2, 2020. Since August 5, 2020, Silberg has been registered with Newbridge Securities Corporation as a stockbroker and registered with Newbridge Financial Services Group Inc. as an investment adviser representative.
