Public records published by the Financial Industry Regulatory Authority (FINRA) on October 3, 2016 indicate that Michigan-based CUSO Financial Services broker/adviser David Ballantyne has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Ballantyne (CRD# 2075205).
David Ballantyne has spent 25 years in the securities industry and has been registered with CUSO Financial Services in Auburn Hills and Lansing, Michigan since 2013. Previous registrations include Key Investment Services in Sylvania, Ohio; the Huntington Investment Company in West Bloomfield, Ohio; Natcity Investments in Toledo, Ohio; Natcity Insurance Services in Cleveland, Ohio; Comerica Securities in Detroit, Michigan; Merrill Lynch in New York, New York; American Express Financial Advisors in Minneapolis, Minnesota; and IDS Life Insurance Company in Minneapolis, Minnesota. He is a registered broker and investment adviser with three US states: Florida, Michigan, and Ohio.
According to his BrokerCheck report, David Ballantyne has received one customer complaint and two denied customer complaints.
In 2013 a customer alleged David Ballantyne, while employed at Key Investment Services, executed unauthorized trades, churned the account, misrepresented material facts, and made unsuitable recommendations involving unit investment trust products. The complaint settled in 2014 for $97,500.
In 2010 a customer alleged David Ballantyne, while employed at the Huntington Investment Company, did not accurately explain an unsuitable variable annuity product. The customer sought $6,000 in damages in the complaint, which was denied.
In 2002 a customer alleged David Ballantyne, while employed at Comerica Securities, misrepresented material facts. The customer sought $46,000 in damages in the complaint, which was denied.
A unit investment trust, commonly referred to as a UIT, is an investment entity that issues securities representing undivided interests in a fixed portfolio of securities. UITs are typically gathered by a sponsor into a portfolio, placed into a trust, and sold in a public offering. They are redeemable securities issued for a specified term, and investors are entitled to receive a proportionate share of the UIT’s net assets on redemption or at termination. A unit investment trust is typically offered in a one-time public offering of a set number of units. Despite that, UIT sponsors often establish secondary markets, allowing owners of individual UIT units to sell those units back to their sponsors, thus extending the opportunity for new investors to buy UITs. The expenses associated with unit investment trusts involve sales charges; creation and development fees; and operating expenses, typically charged against the UIT’s portfolio of assets. Sponsors generally offer several possible discounts, including breakpoints, which let investors reduce fees by increasing the size of their investments, as well as discounts on rollovers and exchanges. Brokers and investment advisers who engage in misconduct related to unit investment trusts may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with David Ballantyne, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.