David Alan Stateman of Miami Florida a stockbroker formerly registered with Allstate Financial Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he did not comply with FINRA personnel while he was under investigation for taking funds from a customer and for providing a customer with false information concerning tax consequences. Letter of Acceptance Waiver and Consent No. 2019063797402 (Dec. 1, 2020).
According to the AWC, FINRA’s investigation into Stateman’s activities began when the regulator received Allstate’s Uniform Termination for Securities Industry Registration (Form U5) which specified the basis of Stateman’s termination from the securities broker dealer. The regulator was notified about Stateman being the subject of a customer’s complaint.
On September 19, 2019, Stateman was asked by FINRA to turn over information and documents in response to accusations of his possible misuse of customer funds and his misrepresentations relating to the customer’s tax ramifications on transactions. There was no response provided by Stateman by the deadline imposed in FINRA’s correspondence. Stateman was sent another request from FINRA on November 12, 2019 which also went unanswered.
FINRA indicated that Stateman failed to provide the requested documents and information in its investigation. The stockbroker’s conduct was violative of FINRA Rules 2010 and 8210.
Stateman was initially suspended on May 1, 2020 for failing to cooperate with the regulator. That suspension was lifted on December 10, 2020 but Stateman still remains barred.
FINRA Public Disclosure confirms that on August 18, 2020, a customer initiated investment related complaint concerning Stateman’s activities was resolved for $32,669.00 in damages supported by allegations against Stateman of misinformation and his failure to timely deposit funds that were provided to him by the customer.
