David Aaron Seigerman of Bedminster New Jersey a stockbroker formerly registered with Janney Montgomery Scott LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that he failed to respond to a request by FINRA for Seigerman’s information. Case No. 2016050466901 (July 29, 2016).
FINRA Public Disclosure confirms that Seigerman has been identified in seven customer initiated investment related disputes containing accusations of Seigerman’s misconduct while employed with Morgan Stanley Smith Barney and Janney Montgomery Scott. In particular, on February 13, 2007, a customer filed an investment related complaint involving Seigerman’s conduct in which the customer requested $257,000.00 in damages supported by allegations that Seigerman negligently managed the customer’s corporate debt investment portfolio.
On June 9, 2009, another customer filed an investment related complaint regarding Seigerman’s activities where the customer sought $500,000.00 in damages based upon accusations that stock and over-the-counter equities transactions were effected in the customer’s account that were not suitable for the customer. On February 4, 2011, another customer filed an investment related complaint concerning Seigerman’s conduct in which the customer requested unspecified damages based upon allegations that unauthorized closed-end funds and stock trades were executed in the customer’s account.
Further, on August 5, 2011, a customer filed an investment related complaint involving Seigerman’s activities where the customer requested $43,000.00 in damages supported by accusations that equity purchases had been effected in the customer’s account that the customer never authorized. Thereafter, a customer initiated investment related arbitration claim regarding Seigerman’s conduct was resolved for $160,000.00 in damages founded on allegations that fiduciary duties had been breached and the customer’s instructions were not followed concerning equity investments. FINRA Arbitration No. 15-01386 (Dec. 19, 2016).
Moreover, a customer initiated investment related arbitration claim concerning Seigerman’s activities was settled for $995,000.00 in damages based upon accusations that Seigerman made unsuitable options and exchange traded fund investment recommendations to the customer and misappropriated the customer’s funds in the course of effecting fraudulent investments away from the firm. FINRA Arbitration No. 17-00650 (Jan. 25, 2018).
Seigerman’s registration with Janney Montgomery Scott LLC was terminated on March 15, 2016.
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