David Robert McCain (CRD #2039283) Has Customer Dispute Disclosures on FINRA BrokerCheck
David Robert McCain (CRD #2039283) is a broker with customer disputes on FINRA BrokerCheck. We reviewed his BrokerCheck report on February 9, 2026. It reflects two customer disputes. If you invested with David Robert McCain and have concerns, keep reading.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Investor Disputes / Customer Complaints
David McCain’s FINRA BrokerCheck report reflects two customer dispute disclosures. Summaries of the disputes are below:
On December 16, 2025, a customer alleged David McCain failed to provide information and requested account statements. FINRA BrokerCheck lists the matter as pending. The customer sought $2,000,000 in alleged damages. David McCain’s statement denies wrongdoing. It says the claimant was not his customer.
On May 2, 2002, customers alleged David McCain recommended unsuitable investments. FINRA BrokerCheck lists the products as a variable annuity, unit investment trusts, and technology stocks. The customers sought $350,000 in alleged damages. The arbitration was dismissed on July 13, 2003.
Rule Summary #1: FINRA Rule 2330 (Deferred Variable Annuities)
FINRA Rule 2330 sets sales-practice standards for recommended purchases and exchanges of deferred variable annuities. It focuses on disclosure, supervision, and suitability factors. Annuity disputes often raise questions about what was explained and how it was documented.
Rule Summary #2: FINRA Rule 2111 (Suitability)
FINRA Rule 2111 (Suitability) requires a reasonable basis for each recommendation. A broker should match the recommendation to the customer’s profile. Suitability disputes often focus on risk, liquidity, and time horizon.
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 McCain:
Is currently registered with LPL Financial LLC.
Has passed the Securities Industry Essentials (SIE) exam. David McCain has passed Series 7 and Series 6. He has also passed Series 8, Series 65, and Series 63.
Was previously registered with firms that include Osaic Wealth, Inc., Woodbury Financial Services, Inc., and UBS Financial Services Inc.
Kurta Law Can Help
If you have worked with David McCain 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: Variable Annuities | Unsuitable Investments
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.