John Francis Davenport of Norwalk Connecticut a stockbroker currently registered with Liberty Partners Financial Services is the subject of a customer initiated investment related arbitration claim in which the customer requested unspecified damages based upon allegations that a fiduciary duty that was owed to the customer had been breached and that the stockbroker was negligent with respect to a variable annuity transaction. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02068 (July 27, 2019).
According to the claim, misrepresentations were made to the customer concerning an annuity. The claim also alleges that there was a lack of due diligence on investments prior to recommendations being made by Davenport and that the stockbroker’s activities were allegedly violative of FINRA Rule 2110.
Davenport has been identified in two additional customer initiated investment related disputes concerning accusations of his misconduct while employed by Prime Capital Services and Royal Alliance. FINRA Public Disclosure confirms that a customer initiated investment related civil action concerning Davenport’s activities was resolved for $50,000.00 in damages founded on accusations that the customer was falsely told that the variable annuity sold by Davenport would generate eight percent returns for the customer. The claim also alleges omissions relating to the customer’s access to principal invested in a charitable remainder trust.
Another customer filed an investment related complaint pertaining to Davenport’s conduct in which the customer requested unspecified damages supported by allegations that the Royal Alliance And Prime Capital Services customer had been unsuitably advised by Davenport to transition from a fixed retirement account into a variable annuity that had poorly performed.
Davenport has also been fined $20,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of Davenport’s unauthorized transactions including commission-splitting agreements while registered with Liberty Partners Financial Services. Letter of Acceptance Waiver and Consent No. 2017055074301 (Jan. 31, 2019).
Davenport has been registered with Liberty Partners Financial Services since October 21, 2016.
