David Manor – Financial Advisor/Broker David Manor Previously Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
David Manor was a previously licensed financial advisor/broker with Wells Fargo Clearing Services and Santander Securities LLC.
According to FINRA, David Manor was suspended from the securities industry for nine months beginning in October 2019.
According to FINRA Allegations:
Manor was named a respondent in a FINRA complaint alleging that he participated in an unapproved outside business activity with his member firm’s customer, a then 75-year-old retiree, and failed to disclose his participation in the outside business activity or his compensation from this participation to the firm. The complaint alleges that specifically, Manor assisted the customer in selling mineral rights the customer owned in connection with a property in Texas. As compensation for Manor’s assistance with the sale of the mineral rights, the customer wrote a check for $100,000 made payable to Manor’s spouse disguised as a gift. The customer also paid Manor $7,000 in cash. Manor’s conduct was outside of the scope of his association with the firm and these payments, as compensation for his outside business activities, were made outside of the firm.
The complaint also alleges that Manor recommended unsuitable options transactions to the same customer and effected unsuitable options transactions in the customer’s Charles Schwab & Co., Inc. (Schwab) account. Manor recommended and purchased S&P 500 Index put options totaling $224,985.37 in the customer’s Schwab account. These transactions resulted in losses to the customer of approximately $224,837 in less than three months. At the time, the customer was 75 years old and retired with limited income. Given the customer’s investment objective of moderate growth, his limited income, his limited investment experience and knowledge, and his complete lack of experience in options trading, Manor’s recommendations that this customer invest $250,000 (representing 25-50 percent of his net worth) in put options was not suitable. In addition, Manor’s recommendation was unsuitable because the customer lacked the financial knowledge and experience to evaluate the risks of the recommended transactions.
The complaint further alleges that Manor did not provide written notice to his firm of the Schwab account, his trading of (private) securities within the Schwab account, or his agreement with the customer to receive compensation from any trading profits in the Schwab account. In addition, the complaint alleges that Manor shared in the proceeds of an account of the customer. Manor made no financial contribution to the Schwab account – it was funded entirely by the customer. Moreover, Manor did not receive prior written authorization from his firm to share in the profits of the Schwab account.
Goodman & Nekvasil, P.A. May Recover Investor Losses:
If you lost money on investments with David Manor 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 Manor’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 $200 million on behalf of victimized investors. If you lost money on investments with David Manor 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.
Some of the information in this blog post was obtained on 7/30/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.