Broker Investigation: David JC Bolton

Broker-Investigation--David-JC-Bolton David JC Bolton (CRD#: 5038018) is a previously registered securities broker who was most recently employed at Thurston, Springer, Miller, Herd & Titak, Inc (2014-2016).

Previously, Mr. Bolton was also employed at Signator Investors (2012-2014) and Edward Jones (2008-2012). At all three firms, Mr. Bolton was based in Bowling Green, Kentucky.

On April 12th, 2018, the Financial Industry Regulatory Authority (FINRA) filed a complaint against David JC Bolton. According to investigators, Mr. Bolton engaged in unsuitable trading in the accounts of two clients. To review the full complaint against David JC Bolton, please refer to Disciplinary Proceeding No. 2016049775701.


FINRA Complaint: David JC Bolton

The relevant period in this case runs from July 2012 through June 2015. During that time, Mr. Bolton was employed at Thurston, Springer and Signator Investors. FINRA investigators believe that Mr. Bolton encouraged the short-term trading of certain mutual funds that were designed for a long-term holding period. In addition, FINRA alleges that Mr. Bolton repeatedly encouraged these customers to split up their investment transactions, thus failing to take advantage of breakpoint sale discounts.

As a result of the unsuitable investment recommendations, FINRA contends that Mr. Bolton’s customers were forced to pay an additional $24,747 in unnecessary, avoidable investment fees. Notably, one of these customers was 101 years old.

Perhaps more concerning is that FINRA believes that David JC Bolton destroyed records and evidence related to these transactions. The agency is seeking sanctions and fines against this broker. As of May 13th, 2018, this FINRA complaint is currently still pending.


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