Robert Spencer Cavanagh (also known as Bob Holt) of Syosset New York a stockbroker currently registered with David Lerner Associates Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $38,500.00 in damages based upon allegations that (1) the customer was defrauded by making investments through the stockbroker (2) the customer’s account was handled in a negligent manner (3) fiduciary duties which were owed to the customer had been breached (4) misrepresentations were made to the customer by the stockbroker regarding the terms or risks of municipal bond investments and (5) unsuitable transactions were effected in the customer’s account when Cavanagh was associated with David Lerner Associates. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02367 (Aug. 14, 2019).
FINRA Public Disclosure reveals that Cavanagh has been referenced in three more customer initiated investment related disputes concerning accusations of his improprieties when the stockbroker was associated with securities broker dealers including David Lerner Associates. Particularly, a customer initiated investment related arbitration claim in reference to Cavanagh’s conduct has been settled to resolve accusations that when Cavanagh was associated with David Lerner Associates, false statements were made to the customer concerning the disadvantages of investments concerning real estate securities.
Another customer initiated investment related arbitration claim pertaining to Cavanagh’s conduct resulted in the customer being awarded $205,497.00 in compensatory damages supported by Cavanagh and David Lerner Associates being found liable on the customer’s claims which included that transactions were not reasonably monitored by the securities broker dealer; misleading statements were made by the stockbroker pertaining to the risks and drawbacks of investments; fiduciary obligations were not complied with; and the customer was defrauded by purchasing municipal bonds. FINRA Arbitration No. 16-01059 (Oct. 13, 2017).
Cavanagh is additionally referenced in a customer initiated investment related arbitration claim which has been resolved for $112,000.00 in damages founded on accusations that the terms or risks of investments had not been properly disclosed; false or misleading statements had been made to the customer about municipal bonds; and transactions were unsuitable for the customer in view of the customer’s goals with investing or aversion to risk when Cavanagh was employed by David Lerner Associates. (FINRA) Arbitration No. 17-01673 (Oct. 19, 2018).
FINRA Public Disclosure reveals that Cavanagh has also been censured based upon allegations that the stockbroker effected unauthorized trades when he was associated with JT Moran Co. National Association of Securities Dealers (NASD) Consent Order No. C10910057.
Cavanagh has been registered with David Lerner Associates since April 26, 1990.
