Articles Tagged with David Noyes

James Markoski (Markoski) recently had a complaint filed against him from the State of Illinois, Securities Department. According to the complaint Markoski has a history of churning accounts, or engaging in excessive trading that is designed to generate huge commissions at the expense of the customer.

Markoski’ entered the financial industry in the early 1970’s and until 1991, Markoski worked for Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill). Thereafter, from September 1991, through June 2010, Markoski was a registered representative of David A Noyes & Company. From June 2010, through April 2012, Markoski worked for Birkelbach Investment Securities, Inc. Finally, Markoski currently is associated with Forest Securities, Inc. Markoski has been subject to 9 customer arbitrations throughout his career. Virtually all of the customer complaints involve claims of churning and excessive trading activity in the customer’s account. It is rare for a broker to have a complaint filed against them. It is even more rare for a broker to have more than 2 complaints filed against them.

The Illinois Secretary of State alleged that Markoski alleged that Markoski has a penchant for targeting widows and senior women to engage in his fraudulent churning conduct. In one of the alleged churning instances, Markoski inherited a client’s account from one of his colleagues. The complaint alleges that upon inheriting the client’s account, Markoski began selling off the client’s bond holdings that the client was relying upon the income from. The selling of the bonds before maturity allegedly resulted in $175,000 in losses.