David Scholl Suspended by FINRA

David Scholl suspended by FINRA.

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In December, 2015, the Financial Industry Regulatory Authority (“FINRA”) announced that David Scholl of Caledonia, MI formerly with Planmember Securities of Grand Rapids, MI submitted an acceptance, waiver and consent letter whereby he was suspended from association with any FINRA member in any capacity for three months and fined $5,000. The 2013 FINRA complaint alleged that Scholl participated in an unapproved private securities transaction with Mackinac Realty Group.  Scholl did not get permission from his broker dealer prior to assisting a client invest over $240,000 in the venture, under which Scholl received a $7,000 commission. Ultimately Mackinac defaulted on their promissory note to the investor

Registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  David Scholl was registered with:

02/2011 – 12/2013
PLANMEMBER SECURITIES CORPORATION
12/2009 – 01/2011
LPL FINANCIAL LLC
03/2006 – 12/2009
CUNA BROKERAGE SERVICES, INC.

According to FINRA’s CRD disclosure report, David Scholl has been the subject of two customer complaints and one regulatory investigations.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions.  During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues.  Typical claims that we are asked to review  involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.