David Michael Levy of Wellington Florida a stockbroker formerly registered with Titus Rockefeller LLC (also known as TR Capital Group LLC) is the subject of a customer initiated investment related arbitration claim where the customer requested $1,554,000.00 in damages founded on accusations that (1) fiduciary duties were not complied with (2) the extension of margin credit was inappropriate (3) unauthorized trades were executed in the customer’s account (4) stock and over-the-counter equities had been excessively traded and churned and (5) the customer was defrauded as a result of transactions effected by Levy when he was associated with Titus Rockefeller. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04008 (Nov. 21, 2018).
FINRA Public Disclosure confirms that Levy has been identified in eleven additional customer initiated investment related disputes that concern allegations of his misconduct while he was employed with securities broker dealers including Wedbush Morgan Securities, Brookstreet Securities, Walsh Manning, Biltmore Securities and Newport Coast Securities. In fact, a customer initiated investment related arbitration claim concerning Levy’s conduct was settled for $67,500.00 in damages based upon accusations that during the period in which Levy was employed by Brookstreet Securities, unauthorized trades were effected in the customer’s account; unfounded statements had been made in regard to investments; and equity transactions effected in the customer’s account failed to be suitable for the customer.
Levy is also referenced in a customer initiated investment related written complaint which was resolved for $8,000.00 in damages supported by allegations that trades had been placed by the stockbroker without the customer’s permission; and the customers investment instructions were ignored by Levy when he was associated with Wedbush. Another customer filed an investment related complaint in regard to Levy’s conduct in which the customer sought $35,000.00 in damages founded on accusations that when Levy was associated with Newport Coast Securities, the customer had been placed in investments which poorly performed. Another customer filed an investment related arbitration claim regarding Levy’s activities where the customer requested $60,000.00 in damages based upon allegations of over-the-counter equities being churned in the customer’s account.
FINRA Public Disclosure also reveals that Levy has been barred from associating with any FINRA member in any capacity supported by accusations that Levy neglected to provide information to the regulator after it had been requested of him. Case No. 2015044603301 (Sept. 29, 2015). Levy was suspended at first by FINRA. He was provided three months from being issued a Notice of Suspension to rectify it; however, Levy never cooperated.
Levy was also fined $25,000.00 and barred from being a stockbroker in the State of Florida according to a Florida Office of Financial Regulation Final Order based upon findings of Levy engaging in manipulative or fraudulent activities; making excessive trades in customer accounts; and failing to procure margin trading agreements before trades had settled. Case No. 62158-S (June 23, 2017).
