First Standard Financial Sued For Excessive Trading
Andre Pierre Davis of New York New York a stockbroker formerly registered with First Standard Financial Company LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $350,000.00 in damages founded on accusations that (1) transactions were not authorized (2) investments were neither appropriate nor suitable for the customer and (3) trades were executed in an excessive manner by the stockbroker while he was associated with First Standard Financial Company LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02132 (Aug. 6, 2019).
FINRA Public Disclosure confirms that Davis has been identified in fourteen more customer initiated investment related disputes which pertain to allegations of his misconduct during the time that he was employed by securities broker dealers including First Standard Financial, First Montauk Securities Corp., Oppenheimer, National Securities Corp, and Newbridge Securities Corporation. In particular, a customer filed an investment related arbitration claim involving Davis’ behavior where the customer sought $668,000.00 in damages based upon accusations that equity transactions failed to be suitable for the customer, and unauthorized stock trades were executed by the stockbroker.
Davis is referenced in another customer initiated investment related arbitration claim in which the customer requested $238,135.68 in damages supported by allegations that trades were placed in the customer’s account on an excessive and unsuitable basis by Davis when he was associated with First Standard Financial LLC. FINRA Arbitration No. 19-00989 (Apr. 15, 2019). Also, a customer filed an investment related arbitration claim concerning Davis’ conduct where the customer sought $300,000.00 in damages founded on accusations that stock trades were effected by the stockbroker without authorization; and excessive trades caused the customer to experience unwarranted losses or have to pay increased commissions or fees. FINRA Arbitration No. 19-01084 (Apr. 30, 2019).
On June 20, 2019, another customer filed an investment related complaint concerning Davis’ activities where the customer sought $152,400.00 in damages supported by accusations including unauthorized equity trading and churning of the customer’s portfolio during the period in which Davis was employed by First Standard Financial. Davis is the subject of another customer initiated investment related arbitration claim in which the customer requested $461,000.00 in damages based upon allegations of over-the-counter equities held in the customer’s account failing to be suitable; trades having been effected at unwarranted and excessive levels; and transactions lacking the customer’s knowledge or consent. FINRA Arbitration No. 19-01679 (June 21, 2019).
Finally, Davis is referenced in a customer initiated investment related arbitration claim which was resolved for $35,000.00 in damages founded on allegations that Davis churned the customer’s account and executed unsuitable trades resulting in the customer’s losses. FINRA Arbitration No. 18-02596 (Aug. 5, 2019).
Davis’ employment with National Securities Corporation was terminated on March 31, 2015. He was registered with First Standard Financial Company LLC between March 17, 2015 and May 30, 2019. Since July 17, 2019, he has been registered with Paulson Investment Company LLC.