Goodman & Nekvasil P.A., May Recover Your Investment Losses – David Robert Wolk (David Wolk) Suspended from Securities Industry
David Wolk was licensed with Woodstock Financial Group, Inc. from 2003 to 2014. David Wolk was suspended from the securities and investment banking industry for 1 year and 6 months and fined $15,000 by the Financial Industry Regulatory Authority (FINRA) in February 2016. FINRA reports that the sanctions were based on findings that David Wolk willfully failed to timely amend David Wolk’s Form U4 to disclose that David Wolk was subject to federal tax liens totaling $810,209.64, a state tax levy for $106,871.02, and that David Wolk had entered into an Offer in Compromise with the IRS for eight tax years. The findings stated that David Wolk made a false attestation to David Wolk’s member firm on an annual compliance questionnaire through which David Wolk failed to disclose the liens, levy or compromise.
FINRA also reports that David Wolk was previously suspended by FINRA for 10 days, fined $2,500, and had his FINRA registration revoked. FINRA reports that David Wolk consented to the entry of findings that together with two registered representatives, David Wolk attempted to settle a customer complaint away from their member firm without the firm’s knowledge or consent by agreeing to pay the customer $4,000.
FINRA reports that eight complaints and/or arbitration claims were filed involving David Wolk’s conduct with Woodstock Financial Group, Inc., alleging churning, unsuitability, unauthorized trading, negligence, breach of contract, fraud/misrepresentation, breach of fiduciary duty, and/or other allegations. These complaints and/or arbitration claims involving David Wolk’s conduct were all settled, with the largest complaint and/or arbitration claim settling for $200,000.
FINRA reports that three complaints and/or arbitration claims involving David Wolk’s conduct with Woodstock Financial Group, Inc. is currently pending. These complaints and/or arbitration claims allege unsuitability, failure to supervise, breach of fiduciary duty, churning, unsuitability, commission abuse, and/or possible fraud. These three complaints and/or arbitration claims seek damages of $208,721, $121,976, and $50,000.
If you lost any money on investments with David Wolk, you may be able to recover your losses from Woodstock Financial Group, Inc. This is because Woodstock Financial Group, Inc. had a duty to supervise David Wolk.
If you lost money on investments with Woodstock Financial Group, Inc. 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 Woodstock Financial Group, Inc. concerning David Wolk’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 Wolk 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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