Erez Law is currently investigating Centaurus Financial, Inc. financial advisor David Bruce White (CRD# 1382131) regarding unsuitable investment recommendations concentrated in the high risk oil and gas sector. White has been registered with Centaurus Financial, Inc. in Bloomfield Hills, Michigan since 2005.
Many oil and gas companies have experienced price fluctuations over the past few years, which has put financial stress on the oil and gas industry. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped.
White has been the subject of 11 customer complaints between 2002 and 2016, five of which were closed without action, according to his CRD report:
- November 2015. “Claimants allege respondent misrepresented the character and quality of (7) seven investments purchased through cfi registered representative David White. The trust invested 2 million into non-traded REITs, oil & gas programs and limited partnerships (SP). Further, claimants allege that high fees were charged and that this was their primary reason for putting claimants in these investments.” The customer is seeking $1,500,000 in damages and the case is currently pending.
- October 2014. “Client alleges that the investment purchased in 2014 was misrepresented, not suitable and had paperwork inconsistencies.” The case was settled for $2,564.31.
- October 2014. “Customer believed that payments from the annuity would begin at an earlier date than was allowed by the contract purchased in 2008.” The case was settled for $35,000.
- August 2013. “Client alleges that the variable annuity purchased in October 2012 was not suitable.” The case was settled for $3,160.74.
- June 2010. “In February 1995, plaintiff deposited funds in a pooled life insurance investment fund which subsequently became insolvent. Plaintiff could not recover tier (SP) deposit.” The client sought $99,000 in damages and the case was settled for $14,999.99.
- January 2007. “Customer alleges unsuitable investment recommendations. No dates or damages specified.” The case was settled for $13,999.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Centaurus Financial, Inc. may be liable for investment or other losses suffered by White’s customers.
Erez Law represents investors in the United States for claims against Centaurus Financial, Inc. financial advisor David Bruce White regarding unsuitable investment recommendations concentrated in the high risk oil and gas sector. If you were a client of Centaurus Financial, Inc. financial advisor David Bruce White or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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