Former Spire Securities Client Wins $3 Million Award for Failure to Supervise Broker
Posted on Monday, September 16th, 2019 at 8:27 pm
In July 2019, a former client of Spire Securities, LLC won an award in a FINRA arbitration for compensatory damages for $3 million for investment losses due to failure to supervise its broker. The investors were clients of financial advisor David Blisk (CRD# 2155652).
The causes of action included failure to supervise, negligent or intentional misstatements, control person liability, respondeat superior, unsuitability, overconcentration, violation of FINRA Rule 2210, 2010, 2020 and IM-2310-2, negligent or fraudulent misrepresentations and omissions in violation of federal and state securities law.
Blisk has been registered with Spire Securities, LLC in McLean, Virginia since 2007.
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, Spire Securities, LLC may be liable for investment or other losses suffered by Blisk’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.