Last Updated: October 2024 (Crystal Bay, Nevada)
David Gary Simon Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker David Gary Simon (CRD #1064191), who is currently employed at Western International Securities, Crystal Bay, Nevada. He has been involved in multiple customer disputes involving allegations of unsuitability and misrepresentation.
David Gary Simon (CRD #1064191) is a financial advisor with over four decades of experience, currently employed at Western International Securities in Crystal Bay, Nevada. However, his career has been marred by multiple customer disputes involving allegations of misrepresentation and unsuitable investment recommendations, leading to significant settlements. Below, we provide further details on Simon’s professional background and the disputes that may raise concerns for potential investors.
Critical insights about Crystal Bay NV stockbroker David Gary Simon:
- Advisor Name: David Gary Simon
- CRD: 1064191
- Location: Crystal Bay, Nevada
- Current Employer: Western International Securities
- Classification: Stockbroker + Financial Advisor
- Primary Location: Crystal Bay, NV
- Can David Gary Simon be sued in private FINRA arbitration: Yes
- Has Mr. Simon been barred by FINRA: No
- Highest Damages Allegation: $300,000
- Highest Settlement: $73,000
- Pending Customer Dispute: Yes
If you have suffered investment losses by David Gary Simon, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law P.C. via the secure online form or call the firm directly toll-free at (800) 950-6553.
Lost Money With Stockbroker David Gary Simon?
A customer of Western International Securities filed a dispute against David Gary Simon alleging unsuitable investment recommendations in corporate debt investments. The customer sought $300,000 in damages. This case was settled for $73,000 on September 23, 2023. Another case alleging misrepresentation of corporate debt investments, filed on October 3, 2022 (FINRA Docket #22-01855), resulted in a $68,000 settlement on November 16, 2023.
In a currently pending case filed on July 19, 2023 (Los Angeles Superior Court, Case #23VECV02979), the customer seeks $115,000 in damages over alleged unsuitability related to corporate debt investments.
Allegations of Broker Misconduct Against David Gary Simon
Customers of David Gary Simon have alleged the following misconduct in connection with his handling of their accounts:
- Unsuitability: Simon is accused of recommending investments that were unsuitable for the clients’ financial situations, specifically involving corporate debt securities.
- Misrepresentation: There are allegations that Simon misrepresented the risks associated with corporate debt investments, leading to customer losses.
Brokers and their firms have a duty to comply with FINRA Rule 2111, which requires that brokers have a reasonable basis to believe that a recommendation is suitable for the customer. Allegations against Simon point to potential violations of this suitability rule, which has led to multiple disputes and settlements.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
David Gary Simon (CRD #1064191) has over four decades of experience in the financial services industry. He is currently employed by Western International Securities in Crystal Bay, Nevada, where he has been registered since January 23, 2004. Throughout his career, he has passed five principal/supervisory exams, including the Series 9 and Series 10 exams in 2023, and two state securities law exams, such as the Series 65 Uniform Investment Adviser Law Examination. Additionally, Simon holds registration with one self-regulatory organization (FINRA) and is licensed in 25 U.S. states and territories, including California, Nevada, and Florida.
Simon has previously worked for several firms, including Charles Schwab & Co. and Quest Capital Strategies, Inc. before joining Western International Securities. His extensive industry experience includes roles in various capacities, such as a regional sales supervisor, and he has been involved in advising clients on a broad range of financial products.
Negative Disclosures and Customer Disputes
David Gary Simon has three reported customer disputes, two of which have been settled, and one is currently pending:
- Settlement: A customer dispute was filed on October 3, 2022 (FINRA Docket #22-01855), alleging misrepresentation regarding corporate debt investments. The case was settled for $68,000 on November 16, 2023.
- Settlement: In another dispute, filed on October 3, 2022 (FINRA Docket #22-01850), the customer sought $300,000 in damages over unsuitability of corporate debt investments. This case was settled for $73,000 on September 23, 2023.
- Pending Case: A dispute is currently pending, filed on July 19, 2023 in Los Angeles Superior Court (Case #23VECV02979). The customer alleges unsuitability related to corporate debt securities and seeks $115,000 in damages.
There are no reported regulatory actions, terminations, or tax liens involving Simon beyond these customer disputes.
Allegations and Accusations
The primary allegations against David Gary Simon relate to his handling of corporate debt investments:
- Misrepresentation: Simon was accused of misrepresenting the risks associated with corporate debt securities, leading to significant financial losses for his clients.
- Unsuitability: Multiple customers have alleged that Simon recommended investment products that were not suitable for their financial situation, particularly involving high-risk corporate debt instruments.
These allegations have resulted in multiple customer disputes, two of which have been settled, while one remains pending. No regulatory actions or formal terminations have been reported against Simon.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by David Gary Simon or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
