Erez Law is currently investigating American Trust Investment Services, Inc. broker Rick Davidson (CRD# 1315998) regarding unsuitable trading in customer accounts. He has been registered with American Trust Investment Services, Inc. in San Clemente, California, since 2023. He was registered with Aegis Capital Corp. in Miami, Florida, from 2020 to 2023, and with National Securities Corporation in New York, New York, from 2017 to 2020, and Jefferies LLC in New York, New York, from 2016 to 2017.
Previously, he was registered with Morgan Stanley in New York, New York from June 2009 to June 2016, before he voluntarily resigned following “Allegations relating to registered representative’s exercise of discretion in clients’ accounts as well as receipt of a loan from a Morgan Stanley employee.”
Rick Davidson Customer Complaints
He has been the subject of 12 customer complaints between 2011 and 2023, one of which was denied and one was closed without action, according to his CRD report:
March 2023. “Time frame: 2020 – 2023. Claimants allege unsuitable investment recommendations, churning, excessive trading and misrepresentation.” The customer sought $800,000 in damages, and the case was settled for $372,500. The complaint was regarding structured products and fixed income losses, and it took place while he was registered with Aegis Capital Corp.
January 2022. “Client claims RR churned her account without her knowledge.” The customer is seeking $5,001 in damages. The complaint was regarding corporate debt losses, and it took place while he was registered with National Securities Corp.
April 2021. “Suitability.” The customer sought $1,000,000 in damages, and the case was settled for $886,507. The complaint was regarding common and preferred stock losses, and it took place while he was registered with National Securities Corp. and Jeffries LLC.
February 2021. “Misrepresentation and unauthorized trading.” The customer sought $200,000 in damages, and the case was settled for $77,500. The complaint was regarding common and preferred stock losses, and it took place while he was registered with National Securities Corp.
September 2020. “Suitability and misrepresentation.” The customer sought $250,000 in damages, and the case was settled for $20,000. The complaint was regarding corporate debt losses, and it took place while he was registered with National Securities Corp. and Jeffries LLC.
June 2020. “Suitability & misrepresentation.” The customer sought $500,000 in damages, and the case was settled for $25,000. The complaint was regarding structured product losses, and it took place while he was registered with Jeffries LLC.
May 2017. “Client verbally alleged, inter alia, unauthorized trading with respect to corporate bond investments – January 2015 to May 2016.” The case was settled for $21,000. The complaint was regarding corporate debt, and it took place while he was registered with Morgan Stanley.
July 2016. “Claimant alleged unsuitability, inter alia, with respect to investments in account – January 2013 to March 2016.” The customer is seeking $1,000,000 in damages and the case was settled for $175,000. The complaint was regarding corporate debt, and it took place while he was registered with Morgan Stanley.
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, American Trust Investment Services, Inc. may be liable for investment or other losses suffered by Rick Davidson’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
"*" indicates required fields
