Securities Lawyers Blog
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker David Wolk (Wolk) has been the subject of an astonishing 13 customer complaints, 3 regulatory matters, one criminal matter, and 6 judgments and liens over the course of his career. Customers have filed complaints against Wolk alleging securities law violations that focus on churning and excessive trading. In addition to the churning claims, customers have complained of unsuitable investments, negligence, fraud, unauthorized trading, and misrepresentations, among other claims. In total the customer complaints allege several million dollars in damages.
The latest FINRA complaint (Disciplinary Proceeding No. 2012033981601) alleges that from November 2003, through January 2014, while Wolk was associated with Woodstock Financial Group, Inc. (Woodstock), Wolk was subject to six tax liens totaling over $810,000 and a state tax levy for $106,871.02. FINRA alleges that Respondent willfully failed to timely update his Form U4 to disclose these matters within FINRA’s 30-day reporting deadline. In addition, FINRA alleged that Respondent made a false attestation to Woodstock on an annual compliance questionnaire failing to disclose the liens. The latest FINRA complaint is only one of three total FINRA complaints. In October 2014, Wolk faied to pay fines associated with another FINRA matter. In August 2014, Wolk consented to FINRA’s findings that he attempted to settle a customer complaint without notifying his firm.
Wolk entered the securities industry in 1998. From February 2003 until September 2014, Wolk was associated with Woodstock out of the firm’s Garden City, New York office.