Investor Alleges David Girola Executed Unauthorized Trades

David Girola (CRD #: 5661148), a broker registered with Northwestern Mutual Investment Services, allegedly executed unauthorized trades, according to his BrokerCheck record, accessed on August 14, 2022. If you want to learn more about David Girola’s conduct as a broker, read on.

Investor Dispute

On May 16, 2022, an investor alleged that, in or around May 2020, David Girola sold positions in her account to cash without her authorization, a month before she transferred her assets to a new firm that held the cash position.

The client alleged that David Girola’s liquidation of her positions caused her to miss out on returns she would have received if she had been invested in the market with the new firm.

The investor sought $60,000 in damages but the dispute was denied by the firm.

However, investors should know that firms don’t need to allow an outside review before denying disputes. Investors may be able to recover their funds by pursuing FINRA arbitration after a denial.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which restricts brokers from engaging in discretionary trading outside pre-authorized accounts, approved by both the firm and client.

Background Information

David Girola 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 6 – Investment Company Products/Variable Contracts Representative Examination

David Girola is a registered broker in 21 states.

Kurta Law Can Help

If you worked with David Girola 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.