FINRA Bars Another Rogue First Standard Stockbroker
Andre Pierre Davis of Red Bank New Jersey a stockbroker formerly registered with First Standard Financial Company LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA during an investigation in which the regulator sought to determine if Davis effected unsuitable and excessive trades in the accounts of First Standard customers. Letter of Acceptance Waiver and Consent No. 2018057640301 (Mar. 3, 2020).
According to the AWC, on January 13, 2020, Davis was asked by FINRA personnel to provide information and documentation for its investigation into Davis’ possible unsuitable and excessive trading in customer accounts. FINRA Public Disclosure reveals that as of October 14, 2019, he was under investigation for also making bad investment recommendations as well as churning customer accounts and making unauthorized trades.
FINRA stated that on January 29, 2020, FINRA received an e-mail from Davis indicating that he understood what the regulator asked of him. Davis relayed to FINRA that he would not provide the documentation and information. FINRA barred the stockbroker for violating FINRA Rules 2010 and 8210.
Davis has been identified in fifteen customer initiated investment related disputes pertaining to allegations of his misconduct during the period in which he was employed by Oppenheimer, First Standard, First Montauk Securities Corp and Newbridge Securities Corporation.
FINRA Public Disclosure indicates that on February 15, 2019, a customer filed an investment related arbitration claim concerning Davis’ activities where the customer sought $668,000.00 in damages founded on accusations of Davis’ unauthorized and unsuitable trading during the time that he was employed by First Standard, National Securities Corp and Oppenheimer. FINRA Arbitration No. 19-00431.
Davis is identified in a customer initiated investment related complaint on June 20, 2019 where the customer sought $152,400.00 in damages founded on accusations that Davis churned the customer’s account and traded without the customer’s knowledge or consent resulting in poor performance for the customer’s First Standard Financial account.
On June 21, 2019, another customer filed an investment related arbitration claim in reference to Davis’ conduct where the customer sought $461,000.00 in damages based upon accusations that trades effected by Davis failed to be authorized by the First Standard customer. FINRA Arbitration No. 19-01679. The claim also alleged that over-the-counter equities transactions were unsuitable for the customer and had been effected on an excessive basis.
On August 5, 2019, a customer initiated investment related arbitration claim in reference to Davis’ conduct was resolved for $35,000.00 in damages based upon accusations that transactions were unsuitable and that the customer’s account was churned during the period in which Davis was associated with First Standard. FINRA Arbitration No. 18-02596.
Another customer filed an investment related arbitration claim on August 6, 2019 regarding Davis’ conduct in which the customer requested $350,000.00 in damages based upon allegations that stocks were traded in an excessive, unsuitable and unauthorized manner by Davis at First Standard. FINRA Arbitration No. 19-02132.
Davis’ registration with First Standard was terminated on May 30, 2019. He was registered with Paulson Investment Company between July 17, 2019 and March 2, 2020.