David K. Mallett, a stockbroker formerly registered with Wunderlich Securities, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to respond to FINRA personnel’s information request. Letter No. 2015047762601 (Feb. 3, 2017).
FINRA Public Disclosure reveals that on December 8, 2015, a customer filed an investment related written complaint involving Mallett’s conduct, in which the customer requested $125,000.00 in damages based upon allegations that Mallett, while associated with Stephens, Inc., effected purchases of municipal bonds in the customer’s account without the customer’s consent.
Further, on November 30, 2016, a customer initiated investment related arbitration claim regarding Mallett’s activities was resolved for $35,000.00 in damages based upon allegations that Mallett made misrepresentations to the customer and effected unsuitable transactions in the customer’s account in reference to unit investment trusts, mutual funds, equities, municipal bonds, and variable annuity products. The customer additionally alleged that Wunderlich Securities and Stephens Inc. failed to appropriately supervise Mallett’s activities concerning the customer’s account.
Mallett was terminated by Wunderlich Securities, Inc. on July 20, 2016, based upon allegations that he failed to make required disclosures to the firm, resulting in the firm’s loss of confidence in him.
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