Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Endom (Endom), previously associated with Bb & t Securities, LLC, has at least one disclosable event. These events include one tax lien, alleging that Endom recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on November 26, 2024.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Level Field Charter Partners, LLC (‘Level Field’) and David Endom (‘Endom’). II. In anticipation of the institution of these proceedings, Level Field and Endom (collectively, ‘Respondents’) have submitted Offers of Settlement (the ‘Offers’) which the Commission has determined to accept. The commission finds that This matter involves unregistered municipal advisory activity and other improper conduct by Level Field and its co-founding partner, David Endom. From 2019 to 2022, Level Field, through Endom, provided municipal advisory services in connection with six municipal bond issuances for the benefit of four charter schools. These services included providing advice to the charter schools on the structure, timing, and terms of the issuances. During this period, Level Field was not registered as a municipal advisor. In each of its engagement agreements with the charter schools, Level Field represented and warranted that it possessed all licenses, permits and certifications required to perform its obligations under the agreements, and further represented and warranted that it was in full compliance with all applicable laws, rules and regulations. By engaging in municipal advisory activities without registering with the Commission, Level Field willfully1 violated the registration requirements of Section 15B(a)(1)(B) of the Exchange Act, and Endom caused Level Field’s violation. By failing to disclose material facts related to its registration status to their clients, Level Field and Endom did not deal fairly with their clients in willful violation of Rule G-17 of the Municipal Securities Rulemaking Board (‘MSRB’). By violating MSRB Rule G-17, Level Field and Endom also willfully violated Exchange Act Section 15B(c)(1).
