David Alan Stateman Review 2024
History Of David Alan Stateman
Respondent first became registered with FINRA in 2009. From February 2014 to August
2019, Respondent was registered as an Investment Company and Variable Contracts
Products Representative through his association with Allstate Financial Services, LLC
(CRD No. 18272). On August 30, 2019, Allstate filed a Uniform Termination for
Securities Industry Registration (Form U5) stating that Respondent had voluntarily
terminated his registration with the firm. Form U5 disclosed that a customer filed a
written complaint against the Respondent.
Although Respondent is no longer registered or associated with a FINRA member firm,
he remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s
By-Laws.
The Respondent does not have any relevant disciplinary history.
David Alan Stateman Report
This matter originated from FINRA’s review of Allstate’s Form U5 for Respondent,
which disclosed that a customer filed a written complaint against Respondent expressing
concerns that “funds given to the representative were not deposited in a timely manner,
and that [the customer] was given misinformation that may result in taxes due to the
IRS.”
On September 19, 2019, as part of FINRA’s investigation into this matter, FINRA staff
sent Respondent a request for documents and information pursuant to FINRA Rule 8210.
Respondent did not respond by the deadline provided and, therefore, FINRA staff sent a
second request to Respondent on November 12, 2019.
The Respondent did not respond to the second request or provide any of the requested documents or information. FINRA Rule 8210(a)(1) states, in relevant part, that FINRA staff shall have the right to
“require a member, person associated with a member, or any other person subject to
FINRA’s jurisdiction to provide information orally, in writing, or electronically…with
respect to any matter involved in the investigation, complaint, examination, or
proceeding.”
How can you spot a broker who is trying to deceive you?
A broker’s credentials, registration, and job history can be reviewed using BrokerCheck, a free online tool FINRA provides. Disputes with clients, disciplinary actions, and specific financial and criminal matters on the broker’s record are all covered in the disclosure portion of BrokerCheck.
A failure to comply with a request for documents and information issued
pursuant to FINRA Rule 8210 is a violation of FINRA Rule 2010, which requires
associated persons to “observe high standards of commercial honor and just and equitable
principles of trade.
By failing to respond to requests for documents and information issued pursuant to
FINRA Rule 8210, Respondent violated FINRA Rules 8210 and 2010.
Penalties, Punishments & Sanctions – David Alan Stateman
▪ a bar from associating with any FINRA member in any capacity.
Respondent understands that if he is barred from associating with any FINRA member,
David Alan Stateman becomes subject to a statutory disqualification as that term is defined in Article III,
Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of the Securities
Exchange Act of 1934. Accordingly, he may not be associated with any FINRA member
in any capacity, including clerical or ministerial functions, during the period of the bar.
See FINRA Rules 8310 and 8311.
David Alan Stateman Review
Respondent violated FINRA Rules 8210 and 2010 by failing to respond to FINRA’s
requests for documents and information.
How To Spot A Fraud Finance Advisor (Infographic) – David Alan Stateman
Help For Victims Of David Alan Stateman
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from David Alan Stateman. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Similar Report: Stolper and Co.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior.
They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
Dr. Henrique Duck, PhD in Media Studies and Critical Theory, specializes in writing detailed critics stories and reviews. He has contributed to prominent newspapers and websites, providing insightful analysis of media content and its effects on society.
