According to BrokerCheck records kept by the Financial Industry Regulatory Authority (FINRA), former Newbridge Securities and Allstate broker David Faline (Faline) has been subject to three customer disputes.
A customer alleged in June 2017 that Faline made unsuitable investment recommendations that resulted in losses in the customer’ account. The customer is seeking $200,000 in the pending dispute.
In February 2014, a customer alleged Cox recommended unsuitable investments, made false and misleading statements, negligently misrepresented material facts and breached his fiduciary duty. This dispute settled for $9,000.
The number of events listed on Adcock’s BrokerCheck is high relative to her peers. According to InvestmentNews, only about 12% of financial advisors have any type of disclosure event on their records. Brokers must publicly disclose certain types of reportable events on their CRD including but not limited to customer complaints. In addition to disclosing client disputes brokers must divulge IRS tax liens, judgments, and criminal matters. However, FINRA’s records are not always complete according to a Wall Street Journal story that checked with 26 state regulators and found that at least 38,400 brokers had regulatory or financial red flags such as a personal bankruptcy that showed up in state records but not on BrokerCheck. More disturbing is the fact that 19,000 out of those 38,400 brokers had spotless BrokerCheck records.