David Baum Allegedly Did Not Fully Disclose Facts Regarding an Account
David Baum (CRD #: 413693), a broker registered with Lifemark Securities Corp., is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on September 18, 2023. Concerned investors should keep reading.
On July 27, 2023, an investor alleged that David Baum did not fully disclose all the facts regarding the Command account. The investor was allegedly told that his investment would double between 2017 and 2023. The investor further alleged the annuity he purchased did not include a spousal income rider which was the most important aspect of the sale.
The investor sought $99,706.74 but the dispute was denied. Investors should know, however, that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.
On April 5, 2017, an investor alleged that David Baum misled them regarding the fees associated with a variable annuity.
FINRA Rule 2020
FINRA Rule 2020 prohibits the misrepresentation of investments or omission of material facts. Material facts include information about an investment’s potential returns, as well as charges, expenses, and fees.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violating FINRA Rule 2020 also violates this rule.
Background Information
David Baum has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 55 Limited Representative-Equity Trader Exam
- Series 7 General Securities Representative Examination
He is a registered broker and investment adviser in New York.
David Baum has registered with the following firms:
- Prudential Financial Planning Services (CRD #: 5685)
- Pruco Securities (CRD #: 5685)
- MSI Financial Services (CRD #: 14251)
- Primary Capital (CRD #: 127921)
- Assent (CRD #: 104162)
- Andover Brokerage (CRD #: 33848)
- NDB Capital Markets (CRD #: 7172)
- Global Capital Securities (CRD #: 16184)
Kurta Law Can Help
If you worked with David Baum and 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.