David Bolton – David Jonathan Bolton, Financial Advisor Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
David Bolton CRD #5038018
David Bolton was previously licensed with Thurston, Springer, Miller, Herd & Titak, Inc. and Signator Investors, Inc. According to David Bolton’s CRD, David Bolton was barred from the securities industry in September 2018.
David Bolton was the managing member of Bolton Total Wealth Management (BTWM) and Sprited Funds LLC (SF LLC).
ACCORDING TO FINRA: The sanction was based on findings that David Bolton engaged in unsuitable short-term trading of Class A mutual fund shares in the accounts of his two largest customers, one of whom was the 101 years old mother of the other customer, and unsuitably split one of the customer’s mutual fund investments into 42 different funds across 11 fund families. The findings stated that as a result, the customers allegedly paid $24,747 in unnecessary sales charges. David Bolton’s mutual fund trading was unsuitable for a number of reasons. First, the short-term nature of the trades conflicted with the customers’ longer-term investment horizon and made the trades presumptively unsuitable. Second, the $24,747 in sales charges outweighed any marginal benefit from the new mutual funds. Third, the new mutual funds’ objectives and risks were similar to the funds that were sold. Fourth, splitting the customer’s investment funds into 42 different mutual funds in 11 fund families generated higher sales charges because the customer was unable to take advantage of savings from breakpoints available for larger investments. The findings also stated that in connection with these customers, Bolton allegedly caused his member firm to maintain inaccurate books and records by mismarking or causing others to mismark as “unsolicited” 120 electronic order tickets for trades that he had in fact, solicited. The findings also included that David Bolton allegedly caused his firm to fail to preserve accurate books and records by taking the files of his customers with him when he moved from that firm to another firm and later destroyed those files. When David Bolton resigned from the first firm, he did not return customer files as required. Then as David Bolton prepared to resign from the next associated firm, he destroyed all his customer files. As a result, the first firm failed to preserve mutual fund switch letters, suitability documentation, and other books and records relating to David Bolton’s customers as FINRA rules required. The decision became final September 21, 2018.
If you lost money on investments with David Bolton and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning David Bolton’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with David Bolton and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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