Public records published by the Financial Industry Regulatory Authority (FINRA) on September 28, 2016 indicate that Indiana-based JW Cole Financial broker/adviser David Hays has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Hays (CRD# 2434893).
David Hays has spent 22 years in the securities industry and has been registered with JW Cole Financial in Bloomington, Indiana since 2013. Previous registrations include Sammons Securities Company in Bloomington, Indiana; FSC Securities in Atlanta, Georgia; Ascend Financial Services in St. Paul, Minnesota; and New England Securities in New York, New York. He is a registered broker and investment adviser with eight US states: California, Florida, Illinois, Indiana, Kansas, Kentucky, New York, and Ohio.
According to his BrokerCheck report, David Hays has received one customer complaint and one pending customer complaint. He was also discharged from his position at Sammons Securities.
In 2014 a customer alleged David Hays, while employed at Sammons Securities, breached his fiduciary duty, misrepresented material facts, failed to supervise, and breached contract. The complaint settled for $17,500.
In 2013 a customer alleged David Hays, while employed at Sammons Securities, misrepresented material facts, breached his fiduciary duty, acted negligently, and failed to supervise. The customer is seeking $110,000 in damages in the pending complaint.
In 2013 David Hays was terminated from Sammons Securities following allegations he failed to follow firm procedures with respect to “the receipt and transmission of customer funds and customer lending.”
FINRA Rule 3110(a)(2) requires broker-dealer firms to assign “an appropriately registered principal(s)” to perform supervisory duties for every type of business the firm conducts. Principals are required to ensure the compliance of individual representatives as well as the firm as a whole. Relevant issues include the representatives’ character and qualifications, outside employment, and regulation of business transactions. Representatives may not engage in outside business activities or securities transactions without providing written notice to their supervising principals. Principals who fail in their supervisory duties may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has complaints regarding David Hays, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: Fitapelli Kurta only receives payment if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.