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David Bains Allegedly Purchased Unsuitable Annuity

Securities Lawyer Jonathan Kurta
By: Jonathan Kurta Author
September 17, 2025 at 10:53pm

David Bains (CRD #: 6089023), a broker registered with Wells Fargo Clearing Services, allegedly purchased an unsuitable investment for a client, according to his BrokerCheck record, accessed on August 23, 2025. Investors may have also worked with him through Wells Fargo Advisors. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Dispute

On July 2, 2025, an investor alleged that David Bains purchased an unsuitable annuity in March 2024. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe investor characteristics, including:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

Background Information

David Bains has passed the following exams:

  • Securities Industry Essentials Examination – SIE
  • General Securities Representative Examination – Series 7
  • Investment Company Products/Variable Contracts Representative Examination – Series 6
  • Uniform Combined State Law Examination – Series 66
  • Uniform Securities Agent State Law Examination – Series 63

David Bains is a registered broker in seven states and a registered investment adviser in California.

He has also worked for J.P. Morgan Securities (CRD#:79).

Kurta Law Can Help

If you worked with David Bains and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. 

 

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