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David Bruce White, David B. White Financial Under Investigation Over Oil and Gas Unsuitability Allegations

Our law firms continue our investigation into David B. White (CRD# 1382131) and his business David B. White Financial, Inc.  White and David B. White Financial operate under Centaurus Financial, Inc.

Another Customer Files a FINRA Arbitration Against David B. White

Our oil and gas securities attorneys have recently written and been monitoring White and David B. White Financial. Another customer has filed a securities arbitration complaint against White. According to White’s most recent complaint, filed in June 2017, the customer alleges that White sold unsuitable investments and also rushed them into signing a settlement. Now, according to the complaint, the customer believes the settlement was not in their best interest.

This brings the Michigan-based broker’s FINRA BrokerCheck disclosure total to twelve (12) with about half them coming in the last five (5) years.

Some of White’s customer complaints allege damages of over $1 million.  Among those complaints is one filed against White in November 2015 that alleges misrepresentations concerning non-traded REITs, oil and gas programs and limited partnerships — many oil and gas investments were structured as master limited partnerships (MLPs).  The customer in that complaint also alleges that high fees were charged, which was the only reason White recommended the oil and gas investments, according to the customer’s complaint.

Five (5) customer complaints have been settled against White.  The settled claims total over $70,000.

David B. White, David B. White Financial and Centaurus Financial, Inc.

According to White’s detailed CRD report, White does business under the moniker David B. White Financial, Inc., which is based in Bloomfield Hills, Michigan. According to David B. White Financial’s website, White is a licensed tax attorney in Michigan.

White has been in the securities industry for 31 years according to his FINRA BrokerCheck report. Centaurus Financial currently employs White. Centaurus Financial has employed White since April 2005 in Bloomfield Hills, Michigan.

Oil and Gas Investment Losses

Many investors continue to feel the effects of the oil and gas market decline. The price of oil has always been volatile and difficult to predict, making many oil and gas investments risky investments. Many brokers unsuitably recommended their customers invest in these risky oil and gas investments as safe, income-producing investments.  Further, many of this customers were overconcentrated in these oil and gas investments.

If you have lost money investing in oil and gas investments, you may be able to recover some or all of your losses due to overconcentration, unsuitable recommendations, misrepresentation, or other forms of securities misconduct.

Contact Us if you Have Oil and Gas Losses with David B. White, David B. White Financial, and Centaurus Financial, Inc.

 

If you have lost money with Bloomfield Hills, Michigan-based David B. White, David B. White Financial and Centaurus Financial, you may be able to recover some or all of your losses. Contact us today for a free consultation to determine your best course of action. For more information, please visit oilgasfinraarbitration.com or call 1-800-975-4345.  Our attorneys represent clients nationwide in securities arbitration cases to recover investment losses. If we don’t recover money for you, you pay nothing.

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