Failure to respond to regulatory agency requests ends the securities industry career of this New Jersey-based broker
According to the Financial Industry Regulatory Authority (FINRA), David Aaron Seigerman failed to respond to the agency’s requests for information concerning his compliance with arbitration awards or settlement agreements with his customers.
In two separate complaints, Seigerman’s customers filed claims against the broker for allegedly executing unauthorized transactions within their accounts, failing to follow instructions, and breach of fiduciary duty. Allegations against Seigerman also include “selling away,” which is when a broker recommends outside investments that are not authorized by his member firm.
Through FINRA securities arbitration, these customers were awarded settlements in excess of $200,000. However, when FINRA requested information on Seigerman’s compliance, he failed to respond. As a result, he is permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.
Prior to his employment with Janney Montgomery Scott in Bedminster, NJ from July 2013 to March 2016, David Aaron Seigerman was employed by nine firms, most recently:
- Morgan Stanley in Florham Park, NJ from June 2009 to August 2013
- Citigroup Global Markets Inc. in Florham Park, NJ from August 2006 to June 2009
- Morgan Stanley DW Inc. in Miami, FL from December 1999 to August 2006
If you enlisted the services of David Aaron Seigerman and have suffered financial losses as a result of this relationship, you may be able to recover some or all of your losses through securities arbitration.
The attorneys at the Silver Law Group are leaders in the field of securities arbitration. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities, and Financial Fraud Group and routinely represents investors in securities arbitration claims.
Call us at 800-975-4345 or fill out our online form for a free consultation. We work on contingency basis, so there is no fee unless you recover money.