David Weisberg Sanctioned By FINRA For Allegedly Excessively Trading Customers’ Accounts

The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker David Weisberg. According to his publicly available FINRA BrokerCheck report, David Weisberg was the subject of multiple customer disputes over the course of his career.

David Weisberg was a New York-based securities broker who worked in the securities industry for nine years. During his career, he had been registered with seven different securities firms.

His Registrations 

• John Thomas Financial (2009-2009)


• Fordham Financial Management (2009-2009)


• JHS Capital Advisors (2009-2010)


• First Midwest Securities (2010-2010)


• Legend Securities (2010-2014/2015-2016)


• Worden Capital Management (2016-2019)

The Allegations 

• In March 2013, a customer alleged that David Weisberg had made unauthorized trades in their account. This case was settled for $15,000 in damages.


• In July 2019, a customer alleged that Weisberg had managed their account negligently and made material misrepresentations about an investment, effectively breaching his fiduciary duty. This case is currently pending, and the customer is seeking $21,579 in damages.


• In June 2020, Weisberg was officially sanctioned by FINRA for allegedly engaging in excessive and unsuitable trading in the account of an elderly couple. The trading generated commissions of approximately $75,638 for Weisberg while the customer lost approximately $55,627.  As a result of these findings, Weisberg was suspended from acting as a securities broker in all capacities for a period of 11 months and fined $7,500.  He was also required to pay back $75,638 as disgorgement.

What Does This Mean?

Most securities brokers are compensated for their services by charging their customers a percentage of their principal investment whenever executing transactions on their behalf. This method of compensation has created a fraudulent trading practice known as churning where securities brokers trade an investor's account excessively with the express intent of increasing how much they receive in commissions. This fraudulent act can be incredibly harmful to investors as it both prevents their principal from growing as expected, and it causes the customer to incur the highly unnecessary sales charges paid to the brokers as their commissions. These charges can very easily rack up and significantly drain an investor's principal.

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 due to this fraud or negligence 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 Weisberg, 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.