Victim of Financial Fraud? Call Now

Investor Claims David Tustison Recommended an Unsuitable Certificate of Deposit 

Dec 14, 2021 Investor Disputes

David Tustison (CRD #: 3176361), a broker formerly registered with Fifth Third Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on November 10, 2021. 

Investor Allegations 

On August 9, 2021, an investor filed a dispute against David Tustison, alleging that a CD (Certificate of Deposit) he recommended did not perform as explained and the customer lost an investment opportunity. The investor sought $50,000 but the firm denied the dispute. Investors should know that firms can deny disputes without a third-party review. You can still pursue FINRA arbitration and recover their losses following a denial. 

A Certificate of Deposit (CD) is a savings account that holds your money for an agreed-upon period—usually one, two, or five years. In exchange, the issuing bank pays interest.  When cashing out on this investment one gets both the principal invested along with all interest accrued since the initial purchase. 

FINRA Rule 2111 

FINRA Rule 2111 requires brokers to take into account their customers’ financial profiles before recommending trades. Financial profiles include information about the investor’s risk tolerance, financial goals, investing experience, and age.  

A broker must have exercised due diligence to research an investment product and an adequate reason for believing that an investment will also be suitable or beneficial. Under FINRA Rule 2111, registered brokers may be held liable if they provide an unsuitable investment recommendation or strategy that leads to losses. 

Other Investment Disputes 

David Tustison has other investor disputes on his record alleging unsuitable investments: 

  1. On February 17, 2012, David Tustison was involved in an investor dispute. According to the investor, David Tustison allegedly made an unsuitable recommendation of a listed security. The investor sought $125,000; the dispute was settled for $55,000. 
  1. On December 16, 2011, David Tustison was involved in another dispute. According to the investor, David Tustison allegedly recommended an unsuitable unit investment trust. The investor sought $91,639.94; the dispute settled for $40,000.  

Background Information 

David Tustison 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 7 - General Securities Representative Examination 

David Tustison has worked with the following firms: 

  • Fifth Third Securities (CRD#:628) 
  • Citicorp Investment Services (CRD#:23988) 
  • IDS Life Insurance Company (CRD#:6321) 
  • American Express Financial Advisors (CRD#:6363) 

Kurta Law Can Help 

If you have suffered losses after working with David Tustison, 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. 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. Reach out today to start the process to recover your investment losses.