Former SW Financial broker David Page (CRD# 2874899) was barred by FINRA related to unsuitable investment recommendations. He was registered with Spartan Capital Securities, LLC in New York, New York, from May to July 2023, SW Financial in Melville, New York, from 2018 to 2023, Phx Financial, Inc. in New York, New York, from 2016 to 2017, Legend Securities, Inc. in New York, New York, from 2015 to 2016, and Tryco Securities, Inc. in Miller Place, New York, in March 2015.
In September 2023, the U.S. District Court for the Eastern District of New York issued a complaint against defendants Michael Blumer, John Kuprianchik, David Page, Steven Thompson, and Joseph Todaro. The SEC complaint alleges from August 2018 through June 2022, the defendants were registered representatives at Salomon Whitney LLC (dba SW Financial). It is alleged that while the defendants had an obligation to have a reasonable basis for their investment recommendations, they failed to fulfill this obligation. Instead, it is alleged that they recommended and executed a short-term, high-volume trading strategy in the accounts of at least sixteen retail customers without a reasonable basis. As a result of this high volume of recommended transactions and their attendant commissions and fees, the trading resulted in aggregate losses exceeding $1,000,000 in the affected customer accounts. The defendants received more than $660,000 in commissions and fees from the excessive trading.
In September 2024, FINRA barred him after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
David Page Customer Complaints
He has been the subject of five customer complaints between 2011 and 2023, one of which was closed without action, according to his CRD report. The most recent complaint was regarding:
May 2023. “David Page was named in a customer complaint that asserted the following causes of action: negligence, breach of fiduciary duty, and negligent supervision.” The customer is seeking $135,000 in damages, and the case is currently pending. The complaint took place while he was registered with SW Financial.
April 2023. “Page was named in a customer complaint that asserted the following causes of action: Suitability, Unauthorized Trading, Failure to Supervise, Breach of Fiduciary Duty, Breach of Contract, Negligence, Misrepresentation, and Omission of Facts.” The customer is seeking $968,793.99 in damages, and the case is currently pending. The complaint took place while he was registered with Salomon Whitney LLC (dba SW Financial).
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, SW Financial may be liable for investment or other losses suffered by David Page’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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