David Kangas: $1.25mm Complaint Against Cornerstone Advisor

Richmond, Virginia financial advisor David Kangas (CRD# 6591398) allegedly recommended an unsuitable investment, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker with WealthForge Securities, doing business as Cornerstone Real Estate Investment Services.

Mr. Kangas’ BrokerCheck report discloses one investor complaint. Filed in October 2025, it alleges that as a representative of WealthForge Securities, he committed fraud, recommended an unsuitable private placement investment, misrepresented and omitted material facts, breached contract, acted negligently, and breached his fiduciary duty. The pending complaint alleges unspecified damages, with the disclosure noting that the investment amount was $1.25 million.

In a statement included with the complaint’s disclosure, Mr. Kangas defends himself against the allegations. “The investor sold an investment property and completed a 1031 exchange into a diversified portfolio of nine DST replacement properties that aligned with his stated objectives, including diversification, passive income, and maximizing depreciation benefits,” he explains, adding further: “More than one year after the investment, the management team at the sponsor of three of the DST properties changed. In subsequent years, those properties experienced market-driven pressures, including increases in insurance costs, property taxes, maintenance expenses, and competition from new construction, along with reduced operating performance under new management.” These developments, he writes, resulted in the reduction and suspension of those DST’s distributions, with no loss of principal.

According to the Financial Industry Regulatory Authority, David Kangas holds nine years of securities industry experience. Based in Richmond, Virginia, he has been registered as a broker with WealthForge Securities since 2019, doing business as Cornerstone Real Estate Investment Services. His past registrations include Cabot Lodge Securities and Sandlapper Securities. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He holds 53 state licenses. (Information current as of December 14, 2025.)

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