David Koonce (CRD #8146373) Has an Employment Separation Disclosure on FINRA BrokerCheck

David Koonce (CRD #8146373) was previously registered as a broker. He has an employment separation disclosure on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 24, 2026. It reflects one employment separation disclosure. If you worked with David Koonce and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Employment Separation

David Koonce’s FINRA BrokerCheck report reflects one employment separation disclosure. A summary of the disclosure is below:

On January 9, 2026, Fifth Third Securities permitted David Koonce to resign. David Koonce’s FINRA BrokerCheck report says Fifth Third Bank, the parent company of Fifth Third Securities, took that step because he failed to follow bank policy for balancing cash drawers. BrokerCheck lists the activity as non-securities related and lists the product type as no product.

Rule Summary #1: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 says member firms must observe high standards of commercial honor and just and equitable principles of trade. When a firm reports a policy-related resignation, investors may reasonably ask whether the conduct met the standards expected in a brokerage setting.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain written procedures and supervision that are reasonably designed to achieve compliance. A resignation tied to handling or control issues can raise questions about internal oversight, training, and how the firm monitored related activities.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, David Koonce:

This broker is not currently registered.

Has passed the Securities Industry Essentials (SIE) exam. David Koonce has also passed Series 6TO and Series 63.

Was previously registered with Fifth Third Securities, Inc.

Kurta Law Can Help

If you have worked with David Koonce and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Security Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.