Our attorneys are investigating Bloomfield Hills, Michigan Centaurus Financial, Inc. (CRD# 30833) broker David B. White (CRD# 1382131) over numerous complaints alleging unsuitable recommendations in oil and gas investments such as non-traded REITs, oil and gas programs and limited partnerships.
According to White’s FINRA BrokerCheck report, White has eleven (11) disclosures. Five (5) of the disclosures have come within the last five (5) years.
White’s most recent disclosure is a FINRA arbitration filed in June 2016 alleging unsuitable recommendations and damages in the amount of $75,000. This complaint is currently pending.
Another FINRA arbitration was filed against White in November 2015 alleging misrepresentations of seven (7) investments and damages in the amount of $1.5 million. Further, the complaint alleges the trust invested $2 million in non-traded REITs, oil and gas programs and limited partnerships. The complaint alleges that high fees were charged and that was the sole purpose of investing in these oil and gas investments. This complaint is also currently pending.
Among the other disclosures on White’s BrokerCheck report are five (5) FINRA arbitrations that have settled for an aggregate amount of over $70,000.
According to White’s detailed CRD report, White includes outside investment-related business of art sales, author, book seller and speaker. Additionally, he does business under the moniker David B. White Financial, Inc., which is based in Bloomfield, Michigan.
Centaurus Financial has employed White since April 2005 in Bloomfield Hills, Michigan.
Many mom-and-pop, ordinary investors lost a great portion of their nest egg and liquid assets investing in the oil and gas industry. Financial advisors would advertise the investments as conservative. This couldn’t be further from the truth. The price of oil has historically been extraordinarily volatile, yielding to swings with every bit of positive or negative news.
Oil and gas investments have never been conservative.
Yet financial advisors and their firms continued to recommend oil and gas securities as conservative. Many brokerage firms were underwriters of these oil and gas companies and had much to gain from selling the underlying securities. Of course, these brokerage firms are still functioning while many investors are left carrying the burden of the losses.
Many investors have a reprieve through the Financial Industry Regulatory Authority (“FINRA”) arbitration. Through FINRA arbitration, many investors may be able to recover the heavy losses suffered in their accounts.
Our lawyers have collectively filed thousands of complaints through FINRA arbitration, recovering millions of dollars for aggrieved investors in the process. The process is risk free for investors, as we take cases on a contingency fee basis. This means that clients do not pay us a cent unless we recover money for you.
FINRA arbitration claims are generally expedited confidential proceedings. For more information about the law firms or the lawyers that have experience handling these types of claims, we can help you.
For more information, please visit oilgasfinraarbitration.com or call 1-800-975-4345 for a free confidential consultation to discuss a potential recovery of your investment losses. Our attorneys represent clients nationwide in securities arbitration cases to recover investment losses. No recovery, no fees.