David L Petray (CRD #1974569) Has Customer Dispute, Employment Separation, and Judgment/Lien Disclosures on FINRA BrokerCheck

David L Petray (CRD #1974569) is a broker with customer dispute, employment separation, and judgment/lien disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on June 10, 2026. It reflects two customer disputes, one employment separation, and eight judgment/lien disclosures. If you invested with David Petray and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

David Petray’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries of the disputes are below:

On April 2, 2026, a customer made a written complaint after opening two accounts in 2025. The customer sought $116,000 for unrealized portfolio losses. David Petray’s FINRA BrokerCheck Report states the portfolios matched the customer’s risk tolerance, objective, and time horizon. It also states that markets later fell after geopolitical events. The customer transferred the holdings in kind on March 31, 2026. The matter remains pending.

On October 26, 1998, clients alleged David Petray failed to enter an order for EMC Corp. common stock. The clients sought $11,000 in damages. David Petray’s FINRA BrokerCheck Report lists the product as EMC Corp. common stock. Everen Securities settled the claim for $5,000 on December 1, 1998. The firm said it settled to avoid added time and expense. Petray’s statement says the account was non-discretionary. He stated the clients discussed a purchase but did not place a firm order.

Employment Separation

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

On October 30, 1990, Everen Securities discharged David Petray. David Petray’s FINRA BrokerCheck Report states the firm discharged him for violating policy by using outside email to communicate with a client. Petray’s statement says Everen Securities did not have outside email capability. He stated he used email to reach a client in Taiwan about EMC stock. He also stated he asked the client to contact the branch manager.

Judgment / Lien

David Petray’s FINRA BrokerCheck Report reflects eight judgment/lien disclosures. Summaries of two judgment/lien disclosures are below:

On January 10, 2016, David Petray’s FINRA BrokerCheck Report lists a tax lien for $6,803. The disclosure identifies the lien type as tax. Petray’s statement says medical bills in 2009 made it hard to meet tax obligations. He stated he was in a tax installment agreement with the IRS.

On October 20, 2015, David Petray’s FINRA BrokerCheck Report lists another tax lien for $4,409. The disclosure also identifies the lien type as tax. Petray’s statement again cites medical bills in 2009. He stated he was in a tax installment agreement with the IRS.

Six additional judgment/lien disclosures appear in David Petray’s FINRA BrokerCheck Report. They are not summarized above.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for a recommendation. It also requires attention to the customer’s investment profile. Disputes about portfolio allocation may raise suitability issues.

Rule Summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires high standards of commercial honor. It also requires just and equitable principles of trade. Customer complaints and firm policy issues can raise Rule 2010 concerns.

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.

Reg BI has four key obligations:

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 Petray:

Is currently registered with Syndicated Capital, Inc. as a broker and investment adviser representative.

Has passed the Securities Industry Essentials (SIE) exam. David Petray has passed Series 7. He has also passed Series 63.

Was previously registered with firms that include A. G. Edwards & Sons, Inc., Everen Securities, Inc., and Prudential Securities Incorporated.

Kurta Law Can Help

If you have worked with David Petray 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: Unsuitable Investments | Securities Attorney

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.