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Washington State Securities Division Fines David Snavely

Feb 28, 2022 Regulatory Action

David Snavely (CRD #: 2030866), a broker formerly registered with TCFG Wealth Management, has a pending regulatory action from the Washington State Securities Division after allegedly recommending unsuitable variable annuities, according to his BrokerCheck record, accessed on February 19, 2022. 

This fine stems from an investigation initiated by the State of Washington’s Office of Insurance Commissioner on March 2, 2020, alleging David Snavely sold unsuitable variable annuities to Washington consumers as part of replacement transactions.

David Snavely was also fired from Cetera Advisors on March 2, 2020, following the same allegations.

Variable Annuities are Risky Investments

Variable annuities come with a variety of fees, and the contracts are often too complex for investors (and brokers) to understand. The fees can negate any benefit that the variable annuity supposedly offers. This makes most variable annuities unsuitable for most investors.

Also, a financial advisor must consider the factors listed below when recommending investments to investors:  

  • The investor’s current financial goals and tax status 
  • The investor’s risk tolerance 

According to FINRA Rule 2111, brokers may be liable for investor unsuitability claims if they fail to consider the factors listed above into account.

If you have lost money due to a financial advisor’s bad recommendations, do not hesitate to contact an experienced securities attorney as soon as possible. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.

Background Information

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

Besides TCFG Wealth Management, David Snavely has also worked with the following firms:

  • International Assets Advisory (CRD#:10645)
  • Cadaret, Grant & Co., (CRD#:10641)
  • Cetera Advisors (CRD#:10299)
  • Pacific West Securities  (CRD#:6390)
  • United Planners’ Financial Services Of America A Limited Partner (CRD#:20804)
  • Investors Capital Corp. (CRD#:30613)
  • Jackson National Financial Services (CRD#:29604)

Kurta Law Can Help

If you worked with David Snavely and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors 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.