Stoltmann Law Offices is investigating David Newman, a financial advisor with First Western Securities in Duncan, Oklahoma. Newman was suspended for 15 months by the Financial Industry Regulatory Authority (FINRA) after he sold an investment. Allegedly, Newman recommended investments in Collins Insurance Company, doing business as BMC Retirement Planning, a company that was operated by insurance agent Bobby Collins from Wichita, Texas. The money raised went to pay for personal expenses and the Securities and Exchange Commission (SEC) settled with Collins, who agreed to pay over $730,000. FINRA alleged that Newman received 10% commissions for recommending investors to Collins. The regulatory body also alleged that Newman failed to perform adequate due diligence before making recommendations, including the fact that Newman had not reviewed any of Collins’ financial statements or did not check into his business. Newman was fined $150,000, on top of the suspension. The state of Oklahoma also recently barred him for failing to respond to an investigation.
David Newman was registered with AG Edwards & Sons in St. Louis, Missouri from September 1985 until April 1992, Raymond James Financial Services in Duncan, Oklahoma from April 1992 until April 2008, and First Western Securities in Duncan from April 2008 until January 2016. He has one customer dispute against him and is not licensed within the industry, according to his online FINRA BrokerCheck report. Please call our securities law offices today to speak to an attorney about your options of bringing a claim against First Western Securities for investment losses. We may be able to help you recover those losses in the FINRA arbitration forum on a contingency fee basis.
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