Securities Lawyers Blog
Ac
cording to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Dana Davis (Davis) has been subject to seven customer complaints and one termination for cause. Davis is currently employed by Newbridge Securities Corporation (Newbridge Securities). Many of the customer complaints against Davis concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, and unsuitable investments.
In January 2018 a customer filed a complaint alleging misrepresentation, unsuitable and excessive trading, negligent supervision, and breach of fiduciary duty. The claim alleges $250,000 in damages and is currently pending.
In October 2011 a customer filed a complaint alleging excessive transactions claiming $9,078 in damages. The complaint was closed.
In September 2006 Davis was terminated from First Montauk Securities Corp. after allegations were made that Davis failed to follow procedures concerning unauthorized trading.