Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Stevens (Stevens), previously associated with Park Avenue Securities LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Stevens recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on March 21, 2022.
Without admitting or denying the findings, Stevens consented to the sanction and to the entry of findings that he submitted multiple life insurance applications for a customer, worth $23,950,000, and submitted applications for multiple loans on the policies, totaling approximately $1,000,000. The findings stated that when questioned by his member firm about the customer\\u2019s policies and loans, Stevens submitted two letters regarding the customer\\u2019s reasons for taking out the policies and loans, one purportedly from the customer\\u2019s estate attorney and the other purportedly from the customer\\u2019s accountant. Neither letter was genuine, but rather, Stevens created and falsified both letters prior to submitting them to the firm.