Investor Seeks Over $1.3 Million in Damages in Dispute with Marc Davis

Marc Davis (CRD #: 2087050), a broker formerly registered with Purshe Kaplan Sterling Investments, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on December 27, 2022. Read on if you have questions about his alleged conduct as a broker.

Investor Dispute

On October 27, 2022, an investor alleged that Marc Davis made an unsuitable recommendation to invest in a tenants in common (TIC) investment in 2007. The client seeks $1,306,374 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must take into account an investor’s tax status, age, risk tolerance, and other information described in their profile.

• Investments can be unsuitable because they are high-risk and more likely to cause losses for the client.
• Investments may also be unsuitable because they are illiquid. Certain securities are meant to be held for an extended time and can penalize investors with high fees if they try to cash out too soon.
• Trading activity can be quantitatively unsuitable, which means that the broker executed an excessive number of trades.
• Overall investment strategies can also be unsuitable—overconcentration in a singular stock or sector is a common example.

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

Background Information

Marc Davis 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

He has also worked for the following firms:

• Purshe Kaplan Sterling Investments (CRD#:35747)
• LPL Financial (CRD#:6413)
• Long Grove Trading Company (CRD#:10078)
• MetLife Securities (CRD#:14251)
• Metropolitan Life Insurance Company (CRD#:4095)

Kurta Law Can Help

If you worked with Marc Davis 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.