Financial Industry Regulatory Authority (FINRA) has issued a BrokerCheck report on David Brian Zuber, a previously registered broker and investment adviser that FINRA has barred from acting as a broker or otherwise associating with a broker-dealer firm.
Zuber worked with Securities America, Inc. starting in February 2011. He also was employed by Arbor Point Advisors (as of September 2016) and JK Investment Group, Inc. (March 2011 to August 2016).
Securities America Discharged Zuber
BrokerCheck reports that on April 13, 2020, Securities America discharged Zuber on allegations that he had offered private securities investments that the firm had not approved. In his own defense, Zuber said his clients were sophisticated investors who were seeking ways to minimize their tax burden, and as a veteran CPA, Zuber felt the investments he made on clients’ behalf were suitable based on their sophistication and their income levels. Securities America was apparently not swayed by Zuber’s comments and proceeded with his termination. Customers who suffered losses or damage due to Zuber’s recommendations may be entitled to recover their losses.
FINRA Initiates Formal Proceeding Against Zuber
According to BrokerCheck, FINRA initiated barring action against Zuber after he failed to appear for on-the-record testimony connected to their investigation of his alleged outside business activities and private securities transactions. The broker’s refusal to appear violated FINRA Rules 8210 and 2010.
Zuber submitted a Letter of Acceptance, Waiver, and Consent (AWC) and accepted FINRA’s sanction of permanent barring
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