David Sullivan Allegedly Executes Unauthorized Transactions

Oakes & Fosher is currently investigating the possible misconduct of former securities broker David Sullivan. According to his publicly available FINRA BrokerCheck report, David Sullivan has been the subject of multiple customer disputes.

David Sullivan operated most recently as a Massachusetts based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with eleven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Smith Barney, Harris Upham & Co. (1987-1988)


• A.G. Edwards & Sons, Inc. (1988-1990)


• Lehman Brothers (1990-1993)


• Smith Barney Inc. (1993-1994)


• Janney Montgomery Scott Inc. (1994-1997)


• UBS Painewebber Inc. (1997-2002)


• RBC Dain Rauscher (2002-2007)


• Banc of America Investment Services (2007-2009)


• Merrill Lynch (2009-2011)


• J.P. Morgan (2011-2015)


• Winslow, Evans & Crocker, Inc. (2015-2016)

The Allegations

• In February 2009, a customer alleged that David Sullivan misrepresented features of a corporate bond.


• In September 2014, customers alleged that David Sullivan recommended unsuitable investments, executed unauthorized transactions, traded their account excessively, and made material misrepresentations. This case was settled for $1 million in damages.

Unauthorized Trading

Securities brokers are obligated to obtain their customer's permission before they execute a transaction on their behalf. This is because investors are entitled to the opportunity to decide for themselves if they want to be invested in a particular security. Despite this, some less than scrupulous securities brokers continue to execute trades without their customer's authorization. This is usually done because the securities broker either does not believe their customer will authorize the trade or understand the complexity of it.

Unsuitable Investments

Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by factors that include the customer's financial situation, investment objectives, risk tolerance, and liquidity needs. Securities brokers, like David Sullivan, are expected to conduct the necessary due diligence required to discern a customer's suitability by analyzing the above mentioned factors. Because of this, brokers cannot excuse themselves by claiming that they did not know a particular security was unsuitable.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with David Sullivan, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.