Securities Lawyers Blog
The investment lawyers at Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Donald Southwick (Southwick).
According to BrokerCheck records, without admitting or denying the findings, Southwick consented to the sanction and to the entry of findings that he failed to perform a reasonable basis suitability analysis prior to recommending investments to his customers. The findings also stated that Southwick recommended unsuitable transactions in the securities accounts of two customers by recommending purchases that resulted in an over-concentration of illiquid private offerings, inconsistent with their investment objectives and risk tolerance. Southwick has been suspended from the securities industry for six months.
Moreover, Southwick has been subject to two customer complaints.