David Burke barred over Komak transactions.
In September, 2015 the Securities Division of the Office of the Attorney General of the State of South Carolina issued a cease and desist order against David Burke and his company Komak Investments. Burke, of Sullivan’s Island, SC consented to the entry of an order permanently barring him from participating in any aspect of the securities industry in South Carolina effective December 10, 2015.
The charges stem from findings that in 2013 and 2014 Burke offered and sold unregistered securities in violation of South Carolina law and made misrepresentations to his investors concerning the rate of return they could expect as well as the investment strategies to be employed.
In May, 2017 the SEC filed an administrative proceeding whereby Burke consented to a bar from licensing as a broker dealer in any capacity, and further agreed not to participate in any penny stock offering in any capacity. FINRA had previously barred Burke from registering as an associate member of a broker dealer as a result of his failure to respond to a request for information during FINRA’s investigation into the Komak transactions.
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 Burke was registered with Shearson Financial Services, Sunbelt Securities, LF Financial, Capstone Investments and Carolina Capital Markets.
According to FINRA’s CRD disclosure report, David Burke has been the subject of one customer complaint and two 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.