Goodman & Nekvasil P.A., May Recover Investor Losses – David Randall Lockey (David Lockey) Suspended from Securities Industry and Fired by Edward Jones
From 2009 until David Lockey’s firing in 2012, David Lockey was licensed with Edward Jones. David Lockey was subsequently licensed with SWS Financial Services, Inc. According to FINRA’s records, David Lockey was fired by Edward Jones on March 7, 2012. Edward Jones reported to FINRA that David Lockey was fired for recommending strategies involving short-term holds on long-term investments and failing to timely respond to trade-related inquiries from compliance.
Subsequent to David Lockey’s firing by Edward Jones, FINRA investigated David Lockey and brought a disciplinary action against David Lockey. David Lockey consented to a 6 month suspension from the securities and investment banking industry, a $10,000 fine, $5,329.75 restitution order, and a $46,447.38 disgorgement. David Lockey also consented to findings that David Lockey recommended and engaged in a pattern of unsuitable short-term trading of open-end mutual funds (OMFs) and/or UITs in four customers’ accounts and engaged in a pattern of unsuitable short-term trading of open-end mutual funds (OMFs) and/or UITs in four customers’ accounts and engaged in unsuitable trading of closed-end funds (CEFS) in two of the four customers’ accounts. The findings stated that David Lockey’s improper trading activities in the four customers’ accounts generated compensation in the amount of $61,777.13 for David Lockey. According to FINRA, three of the four customers, on the other hand, suffered collective trading losses totaling $5,329.75. According to FINRA, David Lockey made the recommendations to buy and sell the OMFs, CEFs, and/or UITs without having reasonable grounds for believing that such recommendations were suitable for the customers in view of the nature and frequency of the transactions, and based upon the facts known to him regarding the customers’ investment objectives.
The findings also stated that David Lockey falsified David Lockey’s member firm’s switch forms and caused the firm to maintain inaccurate books and records. According to FINRA, David Lockey falsified the date of purchase of certain OMF and/or UIT securities that he traded in customer accounts, making it appear that the securities had been held longer than they actually had been.
If you lost any money on investments with David Lockey you may be able to recover your losses from SWS Financial Services, Inc., and/or Edward Jones. This is because SWS Financial Services, Inc., and Edward Jones had a duty to supervise David Lockey.
If you lost money on investments with David Lockey and believe that 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 SWS Financial Services, Inc., and/or Edward Jones concerning David Lockey’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 $300 million on behalf of victimized investors. If you lost money on investments with David Lockey 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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