Solomon David Krispeal (also known as David Krispeal) of Hauppauge New York a stockbroker formerly registered with PHX Financial Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $650,000.00 in damages supported by allegations of unsuitable options, stock and over-the-counter equities being sold to the customer by Krispeal when he was registered with PHX Financial Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00878 (June 2, 2020).
Krispeal has been referenced in seven more customer initiated investment related disputes concerning accusations of his misconduct while employed by Newbridge Securities Corp, John Thomas Financial and Pointe Capital Inc. FINRA Public Disclosure confirms that a customer initiated investment related complaint concerning Krispeal’s conduct was settled to resolve allegations that the customer’s signature had been forged by the stockbroker and that unauthorized trades were executed in the customer’s account during the period that Krispeal was associated with Newbridge Securities Corp.
Another customer filed an investment related complaint involving Krispeal’s activities in which the customer sought $225,000.00 in damages founded on accusations that unsuitable investments had been recommended by Krispeal and that misrepresentations were made to the customer as it pertained to a private placement offering. According to the complaint, the customer’s John Thomas Financial account was churned by the stockbroker resulting in damages.
Krispeal is also the subject of a customer initiated investment related complaint where the customer requested $145,290.25 in damages based upon allegations that the customer had to pay excessive commissions on over-the-counter equities transactions that were placed by Krispeal at John Thomas Financial. Another customer filed an investment related complaint regarding Krispeal’s conduct in which the customer sought $16,000.00 in damages supported by accusations that unauthorized over-the-counter equities trades were effected in the customer’s account by the stockbroker while he was associated with John Thomas Financial.
Krispeal is also referenced in a customer initiated investment related written complaint which was settled to resolve allegations of Krispeal effecting trades in the customer’s account on an excessive, unauthorized and unsuitable basis. On February 9, 2016, another customer filed an investment related FINRA securities arbitration claim involving Krispeal’s conduct where the customer requested $100,000.00 in damages founded on accusations including violation of Arkansas Securities Act and the breach of a fiduciary duty resulting in damages to the Legend Securities customer. FINRA Arbitration No. 16-00176. The claim also alleges that the stockbroker churned the investment account and that the customer was defrauded.
Krispeal has been fined $2,500.00 and suspended from associating with any FINRA member in any capacity based upon findings that he neglected to timely disclose that a customer filed an investment related FINRA securities arbitration claim against him which alleged his sales practice violations at John Thomas Financial and Legend Securities. Letter of Acceptance Waiver and Consent No. 2014042764601 (Jan. 6, 2017).
Krispeal’s registration with PHX Financial has been terminated as of June 4, 2019.
