David Wilson Flemming Jr., of White Plains, New York, a stockbroker formerly registered with Stifel, Nicolaus & Company, Incorporated, was fired from employment on July 5, 2017, founded upon accusations that he entered into an unauthorized loan arrangement with a firm customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Flemming has been identified in two customer initiated investment related disputes pertaining to allegations of Flemming’s misconduct during the time that he was employed with Deutsche Bank Securities Inc., Everen Securities, Inc, Sterne, Agee & Leach, Inc. and Stifel, Nicolaus & Company, Incorporated.
Specifically, on June 22, 1999, a customer filed an investment related written complaint involving Flemming’s conduct, in which the customer requested more than $5,000.00 in damages founded upon accusations that he placed unsuitable transactions in the customer’s account, which caused the customer to incur high turnover rates and losses.
On May 30, 2017, a customer filed an investment related arbitration claim regarding Flemming’s activities, in which the customer requested $606,000.00 in damages founded upon accusations that from December of 2011 and February 2017, Flemming failed to pay back a customer regarding a loan that was arranged between them. The customer alleged that he exercised discretion in the customer’s account, made unsuitable investment recommendations concerning common stock, made misrepresentations to the customer about the features and risks of investing, and breached his fiduciary duties.
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