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Former SWS Financial Services broker, David Lockey, Suspended for 6-Months, Fined, and Ordered to Pay Disgorgement

By November 1, 2016September 20th, 2017News

According to the Order Accepting Offer of Settlement, FINRA agreed to settle the claims against David Lockey with a 6-month suspension from the securities industry, a fine of $10,000, an order to pay disgorgement of $46,447 and order to pay restitution in excess of $5,000. Per the Order, David Lockey Lockey effected multiple trades in mutual funds and Unit Investment Trusts, which are longer-term investments.  This strategy was allegedly unsuitable for the clients and the clients incurred exorbitant fees for these transactions. David Lockey is also alleged to have falsified internal documents while at SWS Financial by adjusting the purchase dates for certain mutual funds and Unit Investment Trusts.

David Lockey’s FINRA BrokerCheck report notes that in 2012 Lockey was terminated from his employment with Edward Jones for “recommending strategies involving short-term holds on long-term investments and failing to timely respond to trade-related inquiries from compliance.”

Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.

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