Investors Seek Nearly $5 Million in Pending Disputes with David Turetzky

David Turetzky (CRD #: 2954337), a broker formerly registered with Ameriprise Financial Services, has been the subject of several disputes in recent years, according to his BrokerCheck record, accessed on March 1, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Pending Investor Disputes

In a pending dispute filed on December 19, 2022, multiple investors named David Turetzky in allegations of failure to supervise the management of their accounts from May 2011 to December 2015. The clients seek $4.458 million in damages.

On December 3, 2020, an investor named David Turetzky in a dispute alleging that Ameriprise Financial Services and its agents “harassed” her into converting from a commission-based account to a fee-based one. The investor seeks $500,000 in damages in this pending dispute.

FINRA Rule 3110

Failure to supervise violates FINRA Rule 3110, which requires that firms establish supervisory systems to ensure their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Settled Disputes

Three settled disputes filed in 2020 named David Turetzky in allegations of failure to supervise the management of their accounts, during a period from July 2014 to December 2016. These disputes were settled for a total of $4.465 million.

On August 14, 2018, two investors filed a dispute similarly alleging failure to supervise from 2011 to 2016. Besides naming David Turetzky, this dispute also named Morgan Stanley and several brokers in allegations of fraud, negligence, and violations of federal and state laws. This dispute was settled for $1.2 million. You can read the full arbitration agreement here.

What is broker negligence?

Brokers may act in many negligent ways, ranging from misrepresenting or omitting material facts to executing unauthorized trades. Investors who have lost money through broker negligence may be able to recover their funds by seeking out FINRA arbitration.

Background Information

David Turetzky 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 3 – National Commodity Futures Examination
• Series 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination
• Series 10 – General Securities Sales Supervisor – General Module Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination

He has also worked for the following firms:

• Ameriprise Financial Services (CRD#:6363)
• Liberty Partners Financial Services (CRD#:130390)
• Morgan Stanley (CRD#:149777)
• Morgan Stanley & Company (CRD#:8209)
• Morgan Stanley DW (CRD#:7556)
• Trevor, Cole, Reid, & Monroe (CRD#:11065)
• First Institutional Securities (CRD#:23910)

Kurta Law Can Help

If you worked with David Turetzky and you have concerns about your investments, contact a New York investment fraud lawyer today for a free case evaluation. Call (877) 600-0098 or email info@kurtalawfirm.com.   

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.