Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Griffith (Griffith), currently associated with Lifemark Securities Corp., has at least 4 disclosable events. These events include 4 customer complaints, alleging that Griffith recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $50,000.00 on December 16, 2024.
Client’s allegations pertain to an unsolicited investment in an alternative product, representing a small component of this client’s broader overall diversified portfolio. Advisor David K. Griffith did not recommend the product to the client. Instead, the client, an investor who embraced significant risk, asked Advisor Griffith to make this investment on his behalf. The client was advised of the risks inherent in the investment and signed acknowledgment forms to that effect. The investment was made in October 2020, and the client received several months of interest payments before the issuer filed Chapter 11 bankruptcy. The client’s allegations include claims of unsuitable investment practices, misrepresentation, negligence, breach of fiduciary duty, and breach of contract. \, LifeMark maintains the transactions giving rise to the client’s allegations were suitable and appropriate based on the information available at the time, including the characteristics of the investment product and the client’s financial situation, risk tolerance, and objectives as represented by the client.
