Wallace Davis is the Subject of Unauthorized Trading Allegations

Wallace Davis (CRD #: 1532144), a broker registered with Oppenheimer & Co., is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 25, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On May 20, 2024, an investor alleged that Wallace Davis engaged in unauthorized trading and recommended unsuitable investments. The dispute was denied by the firm, but investors should know that firms can deny disputes without an external review. 

Investors should know that this is the third denied dispute on his record. 

Unauthorized Trading

FINRA Rule 3260 limits discretionary trading by brokers to pre-approved discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm. Discretionary trading that takes place in an account that has not been approved is unauthorized.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Wallace Davis 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 

He is a registered broker in 38 states in D.C. and Puerto Rico. He is a registered investment adviser in Connecticut, New York, and Texas. 

During his 37 years of experience, Wallace Davis has registered with three firms: 

• Oppenheimer & Co. (CRD #: 249) 
• CIBC World Markets (CRD #: 630) 
• Moseley Securities Corporation (CRD #: 7908) 

Kurta Law Can Help 

If you have worked with Wallace Davis and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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. Do not let securities fraud go unchecked. Start your recovery process today.