David Test Suspended by FINRA Following Alleged Forgery
David Test (CRD #: 2341570), a broker registered with Avantax Investment Services, has been suspended by FINRA, according to his BrokerCheck record, accessed on February 28, 2023. Investors may have also worked with him through Avantax Advisory Services. If you want to know more about his alleged conduct as a broker, read on.
FINRA Suspension
On January 19, 2023, David Test consented to the entry of findings that he allegedly forged client initials and falsified client documents between February and March 2021.
A Letter of Acceptance, Waiver & Consent (AWC) alleges that, in February 2021, David Test provided seven clients with new account documents to sign in connection with the transfer of their assets to a mutual fund sold through Northwestern Mutual.
After the clients signed the documents, David Test allegedly realized that they had not checked certain boxes related to the reason for the transactions. He allegedly checked these boxes and signed the clients’ initials without their permission and submitted the documents to the firm.
David Test allegedly later admitted to signing the clients’ initials without their permission. The AWC concludes that these alleged falsifications violated FINRA Rules 4511 and 2010.
FINRA Rule 4511
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
David Test consented to the following sanctions:
- $5,000 fine
- Two-month suspension
His suspension began on February 21, 2023, and ended on April 20, 2023.
You can read the full AWC here.
Resignation from Northwestern Mutual Investment Services
On July 27, 2021, David Test resigned from Northwestern Mutual Investment Services following an internal review into allegations that he forged clients’ initials on Investment Account Transaction Analysis Forms.
Background Information
David Test has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
- Series 24 – General Securities Principal Examination
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
David Test is a registered broker in six states and a registered investment adviser in Texas.
He has also worked for the following firms:
- Northwestern Mutual Investment Services (CRD#:2881)
- MML Investors Services (CRD#:10409)
- Hartford Equity Sales Company (CRD#:6604)
- The Great-West Life Assurance Company (CRD#:5927)
Kurta Law Can Help
If you worked with David Test 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.
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