Records filed with a US bankruptcy court show that at least one former client of Newbridge Financial Services advisor Nick...Read More
Greenberg Financial’s David Sherwood Faces GWG L Bond Complaint
Tucson financial advisor David Sherwood (CRD# 1024893) is involved in an investor complaint stemming from the allegedly negligent sale of a GWG L bond. Financial Industry Regulatory Authority records show that he is registered as a broker with Greenberg Financial Group.
Mr. Sherwood’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in February 2023, alleges that as a representative of Greenberg Financial Group, he breached his fiduciary duty and acted negligently in connection with the sale of GWG L bonds that suffered losses. The pending complaint alleges damages of $72,796.47.
In a statement included with the pending complaint’s disclosure, Mr. Sherwood pushes back against the allegations. “The Firm and Mr. Sherwood believe the evidence will prove that there was a sound basis for the investment in the L Bonds,” the comment states, “that the loss was not caused by the Firm or Mr. Sherwood, and that the Customer may still recover in connection with the issuer’s bankruptcy proceeding.”
An earlier complaint, filed in 2005, alleged that as a representative of RBC Dain Rauscher, he over-traded mutual funds in a customer’s accounts. In 2006 the complaint reached a settlement of $92,250.
A third investor complaint, filed in 2003, alleged that he misrepresented an investment strategy and recommended unsuitable tech stocks. the complaint reached a settlement of $100,000.
A fourth investor complaint, filed in 2003, alleged the over-trading of mutual funds between 1998 and 2001. In 2005 the complaint reached a settlement of $160,000.
A fifth investor complaint, filed in 2002, alleged excessive and unsuitable mutual fund trading while he was at RBC. The complaint reached a settlement of $215,000.
According to the Financial Industry Regulatory Authority, David Sherwood holds 41 years of securities industry experience. Based in Tucson, Arizona, he has been a broker with Greenberg Financial Group since 2002. His past registrations include RBC Dain Rauscher (New York, New York; 1998-2002), Prudential Securities (New York, New York; 1993-1998), Merrill Lynch (New York, New York; 1986-1993), and EF Hutton & Company (1981-1987). His credentials include the passage of nine securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Limited Representative-Equity Trader Exam, or Series 55; the Securities Industry Essentials Examination, or SIE; the Securities Trader Exam, or Series 57TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Kentucky, Minnesota, New Mexico, Oregon, and Pennsylvania. (Information current as of March 26, 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.