Andre Pierre Davis, Formerly of First Standard Financial, Barred by FINRA for Refusing to Produce Information and Documents

FINRA was conducting an investigation of Davis based on allegations that he engaged in excessive and unsuitable trading.

The Sonn Law Group is investigating allegations that Andre Pierre Davis engaged in excessive and unsuitable trading. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Andre Pierre Davis (CRD#: 1417097) refused to provide information or documents requested by FIRNA in connection with their investigation into allegations that he engaged in excessive and unsuitable trading in customer accounts. He was barred indefinitely from the financial industry. 

In October 2019, FINRA concluded an investigation on Davis. Their findings stated that the Department of Enforcement recommended disciplinary action against Davis for churning of customer accounts, excessive trading in a customer’s account, exercising discretion without the written authorization of the customer or the written approval of his firm, and making unsuitable recommendations of non-traditional exchange-traded products to customers.

Davis currently has six customer disputes pending against him, the first being brought in February 2019. 

August 2019: Customer alleged excessive trading, unsuitable investments, and unauthorized trades. The claim requested $350,000 in damages and is currently pending.

June 2019: Customer alleged churning, unauthorized trading, and poor performance. The claim requested $152,400 in damages and is currently pending.

May 2019: Customer alleged unauthorized and excessive trading and unsuitable investments. The claim requested $461,000 in damages and is currently pending.

April 2019: Customer alleged excessive and unauthorized trading. The claim requested $300,000 in damages and is currently pending. A broker comment indicates that Mr. Davis denies the allegations.

April 2019: Customer alleged excessive trading and unsuitable investments. The claim requested $238,135.68 and is currently pending. A broker comment indicates that Mr. Davis denies the allegations.

February 2019: Customer alleges unauthorized trading & suitability. The claim requested $668,000 in damages and is currently pending. A broker comment indicates that Mr. Davis inherited the account after the alleged activity occurred and that he made no commissions.

Although First Standard held itself out as a “legitimate financial services firm,” the firm was actually a “haven for greedy, dishonest agents who traded clients’ accounts like sharks in a feeding frenzy,” according to New Jersey Bureau of Securities, Christopher W. Gerold. First Standard’s compliance officer, Michael Leahy, signed a FINRA letter of acceptance, waiver, and consent in which he agreed to a ban from all future supervisory roles at FINRA member firms, as well as a $5,000 fine for alleged rule violations.

Philip Sparacino, another former First Standard broker, was recently barred by FINRA as well. On October 31, 2019, the New Jersey Bureau of Securities issued a Summary Revocation Order against First Standard, revoking its state registration for conducting a “fraudulent course of business that consisted of excessive, unsuitable, and frequently unauthorized short-term trading in customer accounts that generated commissions for First Standard and its agents at its customers’ expense. FIRNA went on to cancel First Standard’s license in January. 

Davis has an additional six customer disputes that were settled disclosed on his BrokerCheck report. 

Contact Us Today

The Sonn Law Group is currently investigating allegations that Andre Pierre Davis was trading excessively. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.