What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: January 20, 2017

A former Janney Montgomery Scott broker was ordered to pay more than $845,000 to the firm, according to a ruling by the Financial Industry Regulatory Authority (FINRA). The firm won the clawback from David Seigerman, a former vice president of investments in the Bedminster, New Jersey branch. The firm had filed a breach of contract claim in June, a month before FINRA barred Seigerman from the industry. Former clients of Siegerman’s accused him of not doing his fiduciary duty and making unauthorized investments, among other things. His former firm, Morgan Stanley, also clawed back damages from him in the total amount of $243,000. In the Janney case, the FINRA arbitrator ordered him to pay the firm damages plus interest from July 2013.

According to Seigerman’s online BrokerCheck report, he was registered with Robert Thomas Securities, Saperston Financial Inc., LaSalle St. Securities, Donaldson, Lufkin & Jenrette Securities Corp, Jefferson Pilot Securities, Morgan Stanley, Citigroup, Morgan Stanley in Florham Park, New Jersey from June 2009 until August 2013 and Janney Montgomery Scott in Bedminster, New Jersey from July 2013 until March 2016. He has five customer disputes against him and has been permanently barred from the industry.

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