David Wilke is the Subject of an L Bond Dispute
David Wilke (CRD #: 2258159), a broker registered with Capital Investment Group, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on November 20, 2023. If you have questions about his alleged conduct, keep reading.
On October 9, 2023, an investor alleged David Wilke breached his fiduciary duty, breached his contract, and engaged in fraud. The investor further alleged negligent supervision regarding the sales of GWG L Bonds.
GWG Holdings, the issuer of the L bonds, has filed for bankruptcy. L bonds were unrated bonds that posed too much risk for most retail investors.
The investor is seeking $300,000.
Failure to Supervise 3110
FINRA Rule 3110 requires that firms establish systems of supervision to maintain their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).
Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.)
David Wilke 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
- Series 62 Corporate Securities Limited Representative Examination
- Series 22 Direct Participation Programs Representative Examination
- Series 6 Investment Company Products / Variable Contracts Representative Examination
He has registered as a broker in California, Florida, North Carolina, and Virginia. He is registered as bother a broker and an investment adviser in Georgia.
During his 31 years of experience, he has registered with seven firms:
- Capital Investment Group (CRD #: 14752)
- Capital Investment Advisory Services (CRD #: 149124)
- Principal Securities (CRD #: 1137)
- Investment Advisors (CRD #: 15708)
- ProEquities (CRD #: 15708)
- ManEquity (CRD #: 5249)
- MetLife Securities (CRD #: 14251)
- Metropolitan Life Insurance Company (CRD #: 4095)
Kurta Law Can Help
If you worked with David Wilke and have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated for investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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.