Stoltmann Law Offices is investigating David Newman, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Newman was accused of participating in undisclosed private securities transactions by introducing a married couple and two other individuals to an outside investment between the fall of 2012 and the spring of 2015. During this time, Newman was registered with First Western Securities during this time period, from April 1, 2008 until January 5, 2016, which is when he was terminated.
The couple Newman convinced, invested a total of more than $895,000 in the outside investment, and Newman received 10% in commissions from that investment. The investment turned out to be part of a fraudulent scheme perpetrated by another individual. The couple was retired. For this, Newman was suspended from the industry for 15 months and fined $15,000. He was also ordered to disgorge the financial benefits received to be paid to FINRA in the amount of $89,500 plus interest.
David Newman was registered with A.G. Edwards & Sons in St. Louis, Missouri from September 1985 until April 1992, Raymond James 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. If you invested money with David Newman, you may be able to sue his former firm, First Western Securities. Please call us for a free consultation with an attorney today. 312-332-4200.
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