Goodman & Nekvasil P.A., May Recover Investor Losses | David Joseph Escarcega (David Escarcega), Financial Advisor Barred from Securities Industry
From 2010 until David Escarcega’s firing in 2016, David Escarcega was licensed with Center Street Securities, Inc. According to FINRA’s records, David Escarcega was fired by Center Street Securities, Inc. on April 5, 2016. Center Street Securities, Inc. reported to FINRA that the State of Arizona alleges that David Escarcega made misrepresentations to customers in connection with their purchases of renewable secured debentures. FINRA alleges that David Escarcega made materially false misrepresentations or omissions in connection with the sales of renewable secured debentures in violation of Section 10(B) of the Exchange Act and FINRA Rules 2020.
Subsequent to David Escarcega’s firing by Center Street Securities, Inc., FINRA investigated David Escarcega and brought a disciplinary action against David Escarcega. David Escarcega was ordered to disgorge as a fine $52,270, plus prejudgment interest, ordered to pay costs of $5,267.67 and barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on August 22, 2017. The sanctions were based on findings that David Escarcega intentionally or recklessly made materially false misrepresentations or omissions in connection with the sales of Renewable Secured Debentures to customers, in willful violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and FINRA Rule 2020. The findings stated that David Escarcega had no basis to tell David Escarcega’s customers that the debentures were guaranteed or safe when the prospectus was replete with warnings about their high risk as an investment. The findings also stated that David Escarcega made unsuitable recommendations to customers by failing to take into account their overall financial situations and needs.
If you lost any money on investments with David Escarcega, you may be able to recover your losses from Center Street Securities, Inc. This is because Center Street Securities, Inc. had a duty to supervise David Escarcega.
If you lost money on investments with David Escarcega 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 against Center Street Securities, Inc. concerning David Escarcega’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.
Goodman & Nekvasil, P.A. has recovered approximately $170 million on behalf of victimized investors. If you lost money on investments with David Escarcega 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.