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David Frolicstein: GWG Complaint Against Frolicstein Financial Advisor
St. Charles, Illinois financial advisor David Frolicstein (CRD# 1582362) recently received an investor complaint alleging that an investment in GWG L bonds resulted in damages. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with Ausdal Financial Partners as well as a representative of Frolicstein Financial Solutions Group.
Mr. Frolicstein’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that as a representative of Ausdal Financial Partners, he breached his fiduciary duty and failed in his supervisory duties in connection with an investment in GWG L bonds. The pending complaint alleges damages between $50,000 and $100,000.
Investors should be aware of the fiduciary standard that requires financial advisors like Mr. Frolicstein to put their customer’s interests above their own, completely disclose any conflicts of interest, and operate in good faith and with loyalty to the client. The fiduciary standard is similar to but distinct from the suitability standard, which stipulates that brokers must recommend investments and strategies that are appropriate for their customer’s background and goals.
According to the Financial Industry Regulatory Authority, David Frolicstein holds 35 years of securities industry experience. Based in St. Charles, Illinois, he has been a broker and an investment advisor with Ausdal Financial Partners since 2009. He is also a representative of Frolicstein Financial Solutions Group. His registration history includes Waterstone Financial Group (Geneva, Illinois; 1987-2009), Heritage Capital Management (Geneva, Illinois; 1998-2006), and TransAmerica Financial Resources (Los Angeles, California; 1987). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Arkansas, Colorado, Florida, Illinois, Nevada, Ohio, Oregon, Texas, Vermont, and Wisconsin. (Information current as of January 13, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.