The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker David Unsworth Jr. According to his publicly available FINRA BrokerCheck report, David Unsworth has been the subject of a FINRA sanction.

David Unsworth Jr. was a California based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • The Stuart-James Company (1987)
  • Moore & Schley, Cameron & Co. (1987-1989)
  • Oppenheimer & Co. (1989-1990)
  • Gruntal & Co. (1990-1993)
  • Gilford Securities (1994-1998)
  • Broadmark Capital (1999-2001)
  • Legend Merchant Group (2001-2012)
  • International Assets Advisory (2012)
  • National Securities Corporation (2012-2017)

The Allegations

David Unsworth Jr. was officially sanctioned by FINRA in August 2018. The findings in this matter state that he took part in private securities transactions. He allegedly received a total of 450,000 shares of a private offering. David Unsworth Jr. allegedly then sold a lot of these shares to a customer of his member firm. He allegedly did this without disclosing it to his member firm. Due to his alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of thirty days.

What Does This Mean?

Securities brokers are not allowed to engage in private securities transactions without disclosing the extent of their involvement to their member firms. This is because involvement in private securities can often create significant conflicts of interest for securities brokers. Securities brokers like David Unsworth Jr. might find themselves recommending investments because they have a financial stake in said investment, or because they are receiving cash incentives from a third party, or simply because they receive an incredibly high commission whenever the transaction is executed. These types of motivations sometimes prevent brokers from acting in their customers’ best interests. It often causes them to recommend securities to their customers even if they are not financially suited for them. However, the fact that a broker forgoes disclosing their involvement to their member firm does not free the firm from liability. Securities firms are supposed to have adequate procedures in place designed to monitor their registered brokers and prevent them from engaging in any activities that have not been authorized.

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 Unsworth, Jr., 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.