David Wampler Allegedly Engaged in Negligence

David Wampler (CRD #: 2906256), a broker registered with Moloney Securities Company, allegedly acted negligently, according to his BrokerCheck record, accessed on June 20, 2023. Investors may have also engaged his services through Moloney Securities Asset Management. Keep reading if you have questions about his alleged conduct as a broker.

Investor Dispute

On April 25, 2023, an investor filed a dispute alleging that David Wampler engaged in misconduct involving negligence and the suitability rule in 2021. The client seeks $100,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe an investor’s risk tolerance, age, and other characteristics.

• High-risk and illiquid investments are frequently unsuitable. In particular, brokers may incur high fees when they try to sell illiquid investments too early.
• Excessive trading is quantitatively unsuitable and racks up trading fees and commissions that cut into clients’ returns.
• Investment strategies must also serve investors’ goals. Overconcentration in a particular sector or stock is often an unsuitable investment strategy due to its level of risk.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

What is broker negligence?

Brokers may act in many negligent ways, ranging from recommending unsuitable investments to executing unauthorized trades. Investors who feel their losses are the result of broker negligence may be able to recover their funds by pursuing FINRA arbitration. 

Background Information

David Wampler has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

David Wampler is a registered broker in 12 states and a registered investment adviser in Texas.

He has also worked for the following firms:

• Moloney Investment Advisory (CRD#:282140)
• RBC Dain Rauscher (CRD#:31194)
• Dain Rauscher (CRD#:7600)
• Rauscher Pierce Refsnes (CRD#:6663)

Kurta Law Can Help

If you worked with David Wampler 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.