Investigation of Former Florida Broker David H. Fagenson

Suspended Broker David Fagenson is Accused of Excessive Trading and Unsuitable Investment Recommendations

Did you or your elderly loved one lose money working with securities broker David Fagenson? If so, our investment fraud attorneys are here to protect your rights. For a free, strictly confidential consultation, please contact the Sonn Law Group today at (305) 912–3000.

David Howard Fagenson (CRD#: 1652012) is a previously registered broker and investment advisor. Most recently, Mr. Fagenson was employed at Newbridge Securities Corporation in Boca Raton, Florida (2016 to 2019). Previously, this representative was also associated with UBS Financial Services in Palm Beach, Florida (2010 to 2016).

On November 21st. 2018, FINRA suspended David H. Fagenson from the securities industry for eight months following an investigation into allegations that he used quantitatively unsuitable trading strategies within the accounts of at least three different senior citizen investors. All together, these customers suffered more than $500,000 in financial losses.

Investor Complaints: David Fagenson Formerly of Newbridge Securities and UBS Financial Services

During his time at UBS Financial Services, at least six different investors filed complaints against David Fagenson. Five of these complaints were eventually settled. In 2016, Mr. Fagenson was terminated by UBS after allegations of misconduct.

Soon after, regulators launched an inquiry into his conduct. In the Letters of Acceptance, Waiver & Consent (AWC) signed by Mr. Fagenson, he consented to FINRA’s finding that he violated securities industry rules.

Among other things, investigators determined that Mr. Fagenson made trades so frequently that it was virtually mathematically impossible for his clients to avoid losses. This type of excessive trading is known as churning. Notably, the victims of Mr. Fagenson’s unsuitable trading strategies were elderly investors who wanted safe, secure investments.

Jeffrey R. Sonn is skilled securities fraud attorney. With more than three decades of experience, he is a strong advocate for investors nationwide. If you or your elderly loved one sustained losses investing with David Fagenson, please contact our law firm today at (305) 912–3000 for a free consultation.