David Zupek, Broker with Concorde Investments, Facing Two Pending Customer Disputes

The claimants are seeking over $295K collectively for Zupek’s misconduct.

The Sonn Law Group is investigating allegations that David Zupek committed misconduct. 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.

David Zupek (CRD#: 2250376) is currently registered as a broker and investment adviser with Concorde Investment Services where he has been employed since 2012. Previously, Zupek was registered as a broker and investment adviser with Cambridge Investment Research from April to October of 2012. 

Zupek has six disclosures on his BrokerCheck report.

April 2020 Customer Dispute

• Status: Pending
• Allegations: Claim is alleging breach of contract, fraud, misrepresentation, breach of fiduciary duty and violation of FINRA Rules.
• Damage Amount Requested: $145,715.00
• Broker Comment: The client stated in writing that she wanted aggressive, speculative investments which could also provide income and indicated she could tolerate a 100% loss on an investment. After being offered and discussing seven different alternative investments, she and her husband (who is still working), decided in GPP auto, along with Bourne Seniors Housing III and Cottonwood 2016 Preferred, which they are pleased with. Later they chose GPB Waste, after their selection of Hamilton Point Fund V had closed. They decided on GPB because of the 8% distribution rate, which we informed that it wasn’t guaranteed.

April 2020 Customer Dispute

• Status: Pending
• Allegations: Claim is alleging breach of fiduciary duty and negligence relating to investment made in 2017.
• Damage Amount Requested: $150,000.00

March 2014 Customer Dispute

• Status: Settled
• Allegations: Excessive and unauthorized trading in a fee-based account. Activities took place in 2007 to 2009.
• Damage Amount Requested: $75,000.00
• Settlement Amount: $25,000.00
• Broker Comment: These are false, exaggerated and unsubstantiated claims. The client participated in and approved every sale and purchase decision.

August 2010 Customer Dispute

• Status: Settled
• Allegations: The client claims he opened his account in 2006 that was about $48,915.83 and by the end of 2009 the account had dropped to $9,338.39. He blames the drop on unsuitable investment selections and claims that he was not disclosed of the risks of investing in this strategy. He requests damages of $40,000 to restore his funds to their original value before the RR had managed his money.
• Damage Amount Requested: $40,000.00
• Settlement Amount: $25,000.00
• Broker Comment: I dispute the allegations in their entirety. The client produced no evidence to support his claims. I contributed nothing to the settlement other than the deductible required under my professional liability insurance. Without admitting guilt or liability, the firm entered into a settlement agreement with the customer in exchange for a release from all claims. 

October 2008 Customer Dispute

• Status: Settled
• Allegations: Customer alleged rep made transfers between investment options within his variable annuity contract without his written or verbal consent and without his knowledge. The customer is requesting his funds be placed back in the money market fund along with the account value being restored to its original value prior to the alleged unauthorized transactions.
• Damage Amount Requested: $43,000.00
• Settlement Amount: $42,930.24
• Broker Comment: Without admitting guilt or liability, the firm and representative entered into a settlement agreement with the customer in exchange for a release from all claims. The settlement was made solely for business reasons and to avoid a lengthy and costly legal proceeding. 

February 2002 Customer Dispute

• Status: Settled
• Allegations: The claimant purchased various investments including variable annuities & mutual funds from the representative. The claimant is alleging that the sales are unsuitable given her objections & financial holdings. Her allegations include fraud, negligence, misrepresentation, breach of fiduciary duty & violations of state & federal securities laws. 
• Damage Amount Requested: $160,000.00
• Settlement Amount: $15,000.00
• Broker Comment: All of the allegations by the client are false & exaggerated claims & inaccurate. The client was prompted by and coached by the representative’s former employer to pursue this matter. At the mediation hearing, the claim was amended to be $19,966.19, mostly due from the client surrendering a life insurance policy at the suggestion of the representative’s former employer, who is now the client’s new financial advisor.

Contact Us Today

The Sonn Law Group is currently investigating allegations that David Zupek committed misconduct. 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.