Donald A. Bartelt, of Cave Creek, Arizona, is currently subject to a pending customer dispute from May 28, 2013, in which the customer requested $113,000.00 in damages in connection with allegations against Bartelt of engaging in misconduct over several years in the customer’s investment account.
Public Disclosure records reveal that Bartelt has previously settled a customer dispute on September 22, 2008, in which a customer received $70,000.00 in damages after alleging that Bartelt made unsuitable investment recommendations to the customer while Bartelt was associated with Multi-Financial Securities Corporation.
On July 28, 2014, Bartelt was named in a Complaint by Financial Industry Regulatory Authority (FINRA) Department of Enforcement, in which Bartelt was alleged to have excessively churned and traded in customers’ accounts. Department of Enforcement v. Newport Coast Securities, Inc., et al., No. 2012030564701 (July 28, 2014).
According to the Complaint, Bartlett caused customers to bear cost/equity ratios and turnover rates in excess of one-hundred percent. Additionally, Bartelt was alleged to have engaged in substantial trading, and subjected customers to excessively high margins and over concentrations in assets. Per the Complaint, Bartelt was alleged to have violated Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, NASD Rules 2110, 2310, NASD IM-2310-2, and FINRA Rules 2010, 2111, and 2020.
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