Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 6, 2016 indicate that Georgia-based Allen Mooney & Barnes Brokerage Services broker/adviser Mark Davis has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Davis (CRD# 4275024).
Mark Davis has spent 15 years in the securities industry and has been registered with Allen Mooney & Barnes Brokerage Services in St. Simons Island, Georgia since 2007. Previous registrations include Wells Fargo Advisors in St. Simons Island, Georgia (2008-2011) and AG Edwards & Sons in St. Simons Island, Georgia (2000-2008). He is a registered broker and investment adviser with 10 US states: Florida, Georgia, Maryland, Michigan, Minnesota, Nevada, New York, North Carolina, Pennsylvania, and Virginia.
According to his BrokerCheck report, Mark Davis has received two customer complaints and was discharged from Wells Fargo Advisors.
In 2014, a customer alleged Mark Davis, while employed at Wells Fargo Advisors, over-concentrated her account in an unsuitable closed-end fund. The complaint settled for $8,000.
In 2011, a customer alleged Mark Davis, while employed at Wells Fargo Advisors, breached contract, breached his fiduciary duty, violated FINRA conduct rules, acted negligently, negligently misrepresented and omitted material facts, and violated the Georgia Blue Sky Act. The complaint resulted in an award to the customer of $2,050,000.
In 2011, Mark Davis was terminated from his position at Wells Fargo Advisors following allegations he “violated firm policy by making recommendations to a client regarding commodities without proper licensure and by advising a client regarding a securities transaction outside the firm’s regular business process.”
Concentration, or “over-concentration,” refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Mark Davis, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.