Former TCFG Wealth Management, LLC broker David McDonnell (CRD# 1757401) was barred by FINRA related to private security transactions. He was registered with TCFG Wealth Management, LLC in Laguna Beach, California, from 2016 to 2022, when he was terminated regarding, “Participated in a private securities transition by issuing promissory notes. Conducted a Outside Business Activity by serving as a Trustee of a trust although not a TCFG client.” Previously, he was registered with National Planning Corporation in Laguna Beach, California, from 2000 to 2016.
In March 2022, FINRA barred him after he consented to the sanction and to the entry of findings that he “refused to provide documents and information that FINRA requested in connection with an investigation into the circumstances giving rise to McDonnell’s termination from his former member firm.” FINRA found that he participated in a “private securities transaction by issuing promissory notes and conducted an outside business activity by serving as a trustee of a trust.”
David McDonnell Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
August 2022. “Mr. McDonnell and the [REDACTED] entered into a real estate agreement outside of the firm. The [REDACTED] allegedly invested in real estate in the UK with Mr. McDonnell’s mother, prior to becoming a client of TCFG.” The customer is seeking $450,000 in damages, and the case is currently pending.
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, TCFG Wealth Management, LLC may be liable for investment or other losses suffered by David McDonnell’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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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