Edward A. Davig of Green Bay Wisconsin is a stockbroker registered with Packerland Brokerage Services who is the subject of a customer initiated investment related arbitration claim in which customers requested five hundred thousand dollars in damages supported by accusations that Davig effected investments in Atlas oil and gas offering that were not suitable for them. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02272 (Sept. 20 2017).
Apparently, the customers were solicited by Davig to invest in oil and gas master limited partnership products despite those products having been illiquid and inappropriate. The customers also reportedly sustained losses from insurance and non-traditional investments that carried high commissions.
FINRA Public Disclosure reveals that Davig is referenced in five additional customer initiated investment related disputes containing allegations of Davig’s misconduct while employed with Davig Financial Corporation and Triad Advisors, Inc. In particular, on November 15, 2002, a customer filed an investment related written complaint involving
Davig’s conduct where the customer sought $95,000.00 in damages founded on accusations of account mismanagement.
Then, a customer was awarded $103,000.00 in damages according to an investment related arbitration claim pertaining to Davig’s violative conduct, based upon findings that Davig breached his contractual duties, negligently managed the customer’s investments, breached his fiduciary duties, and effected annuities and mutual fund transactions in the customer’s account that were not suitable for the customer. National Association of Securities Dealers (NASD) Arbitration No. 01-06687 (Feb. 28, 2003).
Thereafter, a customer initiated investment related arbitration claim involving Davig’s conduct was settled for $167,500.00 in damages based upon accusations that the customer’s investment portfolio had been negligently managed, causing the customer to suffer from investment losses on equities, insurance products, and money market funds. NASD Arbitration No. 02-00681 (Mar. 3, 2003).
Subsequently, a customer initiated investment related arbitration claim regarding Davig’s activities was resolved for $32,500.00 in damages supported by allegations that the customer’s mutual funds and variable annuity transactions were not appropriate for the customer. NASD Arbitration No. 05-00699 (May 3, 2016). Further, a customer initiated investment related arbitration claim regarding Davig’s activities was resolved for $135,000.00 in damages founded on accusations of suitability pertaining to stock transactions effected in the customer’s account. NASD Arbitration No. 06-02760 (Apr. 10, 2007).
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