Investor Seeks $1.5 Million in Dispute with David Bibo

David Bibo (CRD #: 2602436), a broker formerly registered with Western International Securities, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on June 1, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Disputes

On December 18, 2023, an investor alleged that David Bibo made unsuitable investment recommendations. The client seeks $1.5 million in damages in this pending dispute.

Two disputes filed on May 15, 2019, made similar allegations about the potential unsuitability of David Bibo’s recommended investments. The clients sought a total of $100,000 in damages but both disputes were denied by the firm.

However, investors should know that firms can deny disputes without an external review. Investors can still pursue FINRA arbitration following a denial and may be able to recoup their losses.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes characteristics such as their risk tolerance, age, and tax status.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.

Background Information

David Bibo has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

He previously worked for the following firms:

• Western International Securities (CRD#:39262)
• MyClearing.Com (CRD#:104161)
• InterFirst Capital Corporation (CRD#:7659)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with David Bibo 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 and 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.