Published On: October 13, 2015

Stoltmann Law Offices is investigating David D. Lewis, a former Chairman, Chief Executive Officer and Chief Compliance Officer of First Washington. Lewis recently entered into an Order Accepting an Offer of Settlement with the Financial Industry Regulatory Authority (FINRA). Lewis was accused of failing to establish, maintain and enforce adequate supervisory systems and written supervisory procedures during the time he was involved with First Washington. During that period, First Washington’s customers engaged in a number of high-risk options transactions and subsequently suffered massive losses. In many cases, the customer’s positions exposed risk that was great, authorized by the firm. Lewis, as the head of the firm, failed to reasonably review the accounts and failed to verify that the customers understood and authorized the transactions when multiple options transactions were effected in the accounts. Lewis also allegedly failed to supervise the firm’s average price account and failed to supervise his registered representatives.

If you invested money with David Dixon Lewis, his former firm, First Washington, may be responsible for investment losses. Please call our Chicago-based securities law firm at 312-332-4200 for a free consultation with an attorney to discuss bringing a claim against First Washington. Mr. Lewis had a duty to reasonably supervise his registered representatives and his firm, and because he did not, First Washington can be sued in the FINRA arbitration forum to recover financial losses. We sue firms such as First Washington on a contingency fee basis only, so we only make money if you recover it.

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