David Gaffney: Wintrust Advisor Faces REIT Complaint

Chicago financial advisor David Gaffney (CRD# 3004164) allegedly recommended unsuitable REITs, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with LPL Financial, doing business as Wintrust Investments.

Mr. Gaffney’s BrokerCheck report discloses two investor complaints. The most recent, filed in March 2025, alleges that as a representative of Wintrust Investments and RBC Capital Markets, he sold unsuitable REIT investments. The pending complaint alleges unspecified damages.

A second investor complaint, filed in 2019, alleged that as a Wintrust Investments representative, he provided bad advice when he recommended that the customer hold her investment in a Northstar Healthcare non-traded REIT. In 2020 the complaint reached a settlement of $26,431.99.

Mr. Gaffney’s LinkedIn profile includes a section in which he describes his experience and services. “I create financial security and peace of mind for individuals and their families,” he explains. “I accomplish this by providing my clients with a high level of service that meets and often exceeds their expectations. Investors benefit from my customized approach to managing their wealth because it helps address their current financial needs and achieve their long-term goals.”

According to the Financial Industry Regulatory Authority, David Gaffney holds 27 years of securities industry experience. Based in Chicago, Illinois, he has been registered as a broker and an investment advisor with LPL Financial since January 2025, doing business as Wintrust Investments. His past registrations include RBC Capital Markets, AG Edwards & Sons, and Gelber Securities. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 23 state licenses. (Information current as of June 8, 2025.)

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