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David Mulford Allegedly Recommended an Unsuitable Annuity Exchange

Jun 21, 2022 Unsuitable Investments

David Mulford (CRD #: 4827226), a broker registered with J.P. Morgan Securities, allegedly made an unsuitable recommendation, according to his BrokerCheck record, accessed on June 16, 2022. Read on if you have questions about David Mulford’s conduct as a broker.

Alleged Unsuitable Investment Recommendation

On April 22, 2022, an investor alleged that David Mulford recommended an unsuitable annuity exchange. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age. 

Securities may be unsuitable because they are high-risk or illiquid, leading to losses for the investor. They may also be quantitatively unsuitable, meaning that the broker executed an excessive number of trades, cutting into the clients’ returns with trading fees.

Investment strategies must also meet the requirements of suitability. A common unsuitable investment strategy is over-concentration, which can increase the risk for an investor beyond what is appropriate for their financial goals.

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

Background Information

David Mulford has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

David Mulford is a registered broker in all 50 states as well as the District of Columbia, Puerto Rico, and the Virgin Islands. He is also a registered investment adviser in North Carolina.

He has also worked for the following firms:

  • Wells Fargo Clearing Services (CRD#:19616)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
  • Banc of America Investment Services (CRD#:16361)
  • Morgan Keegan & Company (CRD#:4161)
  • Legg Mason Wood Walker (CRD#:6555)

Kurta Law Can Help

If you worked with David Mulford 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.