Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that advisor David Volpe (Volpe) engaged in private securities transactions and borrowed customer funds that were not approved by his brokerage firm. Volpe, formerly registered with First Financial Equity Corporation (First Financial) and LPL Financial LLC (LPL Financial) was subject to an investigation by The Financial Industry Regulatory Authority (FINRA) over these allegations. In addition, Volpe disclosed one bankruptcy filing, and two employment terminations for cause.
In August 2019 FINRA alleged that Volpe consented to the sanctions resulting in a bar from the industry and to the entry of findings that Volpe refused to produce information and documents requested by FINRA in connection with an investigation into whether he engaged in a private securities transaction or borrowed funds from a customer.
In April 2019 Volpe was discharged by First Financial after the firm claimed that Volpe failed to notify firm of private securities transaction involvement and violation of firm policy regarding borrowing funds from a client.
In December 2018 Volpe was discharged by LPL Financial after the firm claimed that Volpe violated the firm’s private securities transactions policy for involvement in capital raising efforts without prior disclosure.