David Bruce White of Bloomfield Hills Michigan a stockbroker formerly employed by Centaurus Financial Inc. is referenced in a customer initiated investment related arbitration claim which was settled to resolve the customer’s accusations that the customers were placed into an unsuitable oil and gas investment and had been induced to purchase the investment by way of White’s high pressure sales tactics during the time he was registered with Centaurus Financial Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01487 (Nov. 14, 2017).
FINRA Public Disclosure reveals that White is referenced in eleven more customer initiated investment related disputes containing allegations of White’s misconduct during the time that he was associated with securities broker dealers including Leonard Company and Centaurus Financial Inc. Specifically, a customer filed an investment related complaint involving White’s conduct in which the customer requested $61,829.02 in damages based upon allegations that while White was associated with Leonard Company, the customer’s instructions were disregarded, and misrepresentations had been made to the customer concerning investments including mutual funds and equities.
Then, a civil action brought in the Circuit Court of the State of Michigan that involved White’s conduct was settled for $14,999.00 in damages based upon allegations that the plaintiffs’ funds invested in a charitable program were stolen. Thereafter, a customer filed an investment related complaint concerning White’s activities in which the customer requested unspecified damages based upon accusations that bad alternative investments, including oil and gas products and direct participation program or limited partnership interests, had been effected in the customer’s account during the time White was employed by Centaurus Financial Inc.
Subsequently, a customer initiated investment related complaint regarding White’s conduct was settled to resolve allegations that misrepresentations were made to the customer concerning the terms and conditions of investments; and the customer was placed into an insurance product that was not appropriate for the customer. On August 25, 2015, another customer initiated investment related complaint concerning White’s activities was resolved for $35,000.00 in damages founded on accusations that the customer was provided false information concerning the commencement of payments on an annuity sold to the customer.
Thereafter, a customer initiated investment related arbitration claim involving White’s conduct was settled for $12,500.00 in damages supported by allegations that bad investment recommendations had been made by White in regard to the limited partnership interests or direct participation programs sold to the customer which led the customer to suffer losses. FINRA Arbitration No. 16-01764 (June 29, 2017)
Additionally, a customer initiated investment related arbitration claim concerning White’s activities was resolved for $1,500,000.00 in damages based upon accusations that White made false or misleading statements to the customer concerning seven investments; effected transactions in the customer’s account primarily to procure commissions from the customer; charged the customer excessive prices on investments; and placed the customer in unsuitable investments including oil and gas programs, limited partnerships and illiquid real estate investment trusts. FINRA Arbitration No. 15-03008 (Nov. 14, 2017).
White has been employed by Centaurus Financial Inc. since April 1, 2005.
