A recent investor complaint disclosed on Jamestown, North Dakota financial advisor Paul Witthauer’s (CRD# 1672263) BrokerCheck report concerns allegations regarding...Read More
David Ferwerda: FINRA Bars Grand Rapids Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Grand Rapids, Michigan broker and investment advisor David Ferwerda (CRD# 832431) barred him after finding he failed to cooperate with an investigation into allegations he participated in unregistered offerings. A former representative of Signator Investors, Ferwerda was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2018057887801) dated October 2018, FINRA sent David Ferwerda a request on August 27, 2018 to provide documents and information by September 10, 2018 in connection with its examination of his “participation in sales of notes related to the Woodbridge Group of Companies,” which FINRA describes as “a group of unregistered investment companies.” According to FINRA’s findings, Ferwerda requested via counsel an extension until September 21, but did not provide the requested documents and information by that date, and instead indicated via counsel that he would not provide documents and information in compliance with the request. FINRA found that this refusal constituted violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, Ferwerda was barred from association with any FINRA member in any capacity.
David Ferwerda’s disclosure records also describe one employment separation: specifically, his termination from Signator Investors in March 2018 over allegations that he participated “in the sale of unapproved outside investments in violation of firm policy.” The records also disclose a March 2018 investigation by the Michigan Department of Licensing and Regulatory Affairs regarding his “involvement in the sale of unregistered securities.” That investigation remains pending.
David Ferwerda is currently not registered as a broker or investment advisor. His employment history includes Signator Investors in Grand Rapids, Michigan; Valic Financial Advisors in Grand Rapids, Michigan; the Variable Annuity Marketing Company in Houston, Texas; and American Capital Financial Services. He currently holds zero state licenses and has passed five securities industry qualification examinations.