Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Robert Davis: FINRA Suspends Richmond, Indiana Financial Advisor
A disciplinary action taken by the Financial Industry Regulatory Authority against former Richmond, Indiana broker and investment advisor Robert Davis (CRD# 4662922) suspended him over allegations he made unsuitable trades and improperly exercised discretionary authority. A former representative of LPL Financial, Davis was suspended for 30 days and issued a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2017055503601) dated July 2019, Roger Davis was registered with LPL Financial when, between January and July 2017, he discretionary authority in the execution of 26 trades in three customers’ accounts, each without written authorization from the customers to exercise discretion or the firm’s approval of the accounts for discretionary trading. FINRA’s findings go on to state that these discretionary trades included unsuitable transactions, specifically the execution of “six Class A mutual fund positions that the customers had held for less than one year,” whose proceeds he used to buy unit investment trusts for two customers and a Class A mutual fund for the third. “These Class A mutual funds included front-end sales charges and were intended as long-term investments,” FINRA notes, and the transactions resulted in unnecessary costs for the customers; further, FINRA alleges that Davis had no reasonable basis to believe the trades were suitable for the customers. FINRA found these activities to constitute violations of FINRA Rules 2111(a) and 2010, as well as NASD Rule 2510(b). As a result of the foregoing alleged conduct, he was issued a 30-day suspension and a fine of $5,000.
Robert Davis’s disclosure records also list one employment separation: specifically, his 2017 discharge from LPL Financial over allegations he violated firm policy when he exercised discretionary authority in customer accounts.
Robert Davis is currently not registered as a broker or investment advisor. His employment history includes LPL Financial in Richmond, Indiana; Wachovia Securities in Richmond, Indiana; and AG Edwards & Sons in Richmond, Indiana. He currently holds zero state licenses and has passed three securities industry qualification examinations.