Former Presidential Brokerage, Inc. broker Cory Davern (CRD# 2945772) faces a customer complaint for investment losses. Davern has been registered with Valic Financial Advisors, Inc. in Lakewood, Colorado since January 2020. Previously, Axa Distributors, LLC in Jersey City, New Jersey from 2018 to 2020 and previously with Presidential Brokerage, Inc. in Greenwood Village, Colorado from 2012 to 2018.
Davern has been the subject of one customer complaint, according to his CRD report:
December 2020. “Claimants allege registered representative provided unsuitable recommendations and misrepresented the associated risks, leading to inappropriate investments that resulted in lost capital.” The customer is seeking $235,000 in damages and the case is currently pending. The complaint took place while Davern was registered with Forta Financial Group Inc. f/k/a Presidential Brokerage, Inc. and was regarding variable annuities, real estate securities, and alternatives including non-traded business development companies (BDCs) and real estate investment trusts (REITs).
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Presidential Brokerage, Inc. may be liable for investment or other losses suffered by Davern’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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