David Michael Stevens of La Jolla, California, a stockbroker formerly registered with Park Avenue Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings of unauthorized transactions and forgery when Stevens was registered with Park Avenue Securities. Letter of Acceptance, Waiver, and Consent No. 2020068606301 (March 21, 2022).
The AWC states that FINRA was made aware from Park Avenue that on November 10, 2020, Stevens was discharged as a stockbroker after Guardian Life Insurance Company (insurance affiliate of Park Avenue Securities) noticed that unauthorized transactions were made in one of Stevens’ customer’s fixed life insurance account.
According to the AWC, between February 2016 and April 2020, at least $23,950,000.00 in life insurance was applied for by Stevens in a customer’s name. Applications for $1,000,000.00 in loans on those policies had been submitted by Stevens.
The regulator states that Stevens was questioned by Guardian regarding the policies and loans in the customer’s name. Stevens provided letters to Guardian, which conveyed the rationale for the policies. The letters appeared to come from the customer’s accountant and attorney. But none of this was real. Stevens submitted the fake letters to Guardian in violation of FINRA Rule 2010.
The AWC states that Stevens forged the signature of the accountant and attorney without their consent, violating FINRA Rule 2010.
Stevens has been identified in two customer initiated investment related disputes containing accusations of his wrongdoing while employed by MML Investors Services LLC and Park Avenue Securities. FINRA Public Disclosure shows that a customer filed an investment related complaint concerning Stevens’ activities where the customer sought compensatory damages based upon accusations of forgery by Stevens relating to the customer’s insurance policies while Stevens was employed by MML Investors Services.
On September 23, 2021, a customer initiated investment related complaint involving Stevens’ conduct was resolved for $1,180,000.00 in damages founded on allegations of unauthorized life insurance applications and Stevens’ forgery during the time that he was associated with Park Avenue Securities.
Stevens was registered with Park Avenue Securities between November 13, 2015, and November 10, 2020.
