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David Lau: FINRA Sanctions Gladstone Wealth Partners Advisor
Santa Rosa financial advisor David Lau (CRD# 4567411) was recently sanctioned by securities industry regulators in connection to allegations he engaged in improper trading conduct. Financial Industry Regulatory Authority and Securities and Exchange Commission records indicate that he is not currently registered as a broker, the former Morgan Stanley representative is registered as an investment advisor with Gladstone Wealth Partners.
Mr. Lau’s BrokerCheck report describes the November 2022 enforcement action against him. According to the disclosure, FINRA sanctioned him in connection with findings he he exercised discretionary authority when making transactions in client accounts, but did not obtain prior written authorization from his customers to do so, nor did he receive his firm’s approval of the accounts for discretionary trading. In connection with these findings, he was issued a 20-day suspension and ordered to pay a fine of $6,000. His suspension commenced on November 21, 2022 and lifted on December 1, 2022.
A second disclosure on Mr. Lau’s BrokerCheck report describes his March 2021 termination from Morgan Stanley. According to the disclosure, he was fired in connection with allegations regarding his “compliance with pre-trade client confirmation requirement in connection with certain trades in non-discretionary accounts.”
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, David Lau holds 20 years of securities industry experience. Based in Santa Rosa, California, he has been a representative of Gladstone Wealth Partners since April 2021. His registration history includes Morgan Stanley (Santa Rosa, California; 2009-2021), Morgan Stanley & Company (Santa Rosa, California; 2007-2009), and Morgan Stanley DW (Santa Rosa, California; 2002-2007). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in California. (Information current as of December 17, 2022.)
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