WARNING! Impending Investigation: DAVID SCHOLL and PLANMEMBER SECURITIES CORP.
David Scholl and PlanMember Securities Corp.
Have you lost money with financial advisor David A. Scholl of Grand Rapids, Michigan? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against David Scholl. FINRA investigated Scholl for selling promissory notes in Mackinac Realty Group and Mackinac Advisory Services during 2011, while he was affiliated with the brokerage firm PlanMember Securities.
According to FINRA’s allegations, Scholl did not have authorization from PlanMember Securities to sell investments in Mackinac Realty Group or Mackinac Advisory Services. At least one client invested over $240,000, but the notes defaulted, leaving the investor with significant losses. To settle these allegations, Scholl was fined $5,000, was suspended from the securities industry for 3 months, and had to disgorge $7,000 in commissions from these sales.
David A. Scholl was a financial advisor and registered representative of PlanMember Securities Corp. from February 2011 to December 2013. Scholl worked at a branch office in Grand Rapids, Michigan.
Brokerage firms like PlanMember Securities Corp. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in western Michigan. Attorney Aaron Israels is licensed to practice law in Michigan, and is a west Michigan native, having been born and raised in Holland. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
HAVE YOU LOST MONEY WITH DAVID SCHOLL OR PLANMEMBER SECURITIES?
Denver Office: (720) 599-3505
Seattle Office: (206) 795-5798
Click to view: Scholl FINRA AWC
Click to view: Scholl BrokerCheck 10.30.15