Advisor Alert: Our Attorneys Are Investigating David Joseph Escarcega For Investment Fraud
Did You Lose Money Because of David Escarcega?
Filed: March 4, 2024
David Escarcega currently has two (2) pending customer complaints. Overall, he has been the subject of seven (7) customer complaints, two (2) regulatory events, and two (2) termination events. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on David Joseph Escarcega.
Who Is David Joseph Escarcega?
- Advisor Name: David Joseph Escarcega
- Aliases: David Escarcega
- CRD: 4367584
- Location: Phoenix, Arizona
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Center Street Securities, Inc., Chase Investment Services Corp., and Lincoln Financial Securities Corporation
- Number of Known Customer Complaints: 7
- Number of Known Regulatory Events: 2
- Number of Known Termination Events: 2
- Can David Escarcega Be Sued: Yes, in Private Arbitration
- Can David Escarcega’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $383,014.45
- Highest Settlement: $200,000
If you have suffered investment losses by David Escarcega, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud 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 1-800-950-6553.
Customer Complaints Filed Against David Escarcega For Broker Misconduct
As of this publication date, David Escarcega has been the subject of 7 customer disputes, 2 regulatory events, and 2 termination events. Let’s review them below.
In June 2022, a FINRA arbitration was filed against or in reference to David Escarcega by a customer of Calton & Associates, Inc. alleging that Mr. Escarcega recommended unsuitable investments. Per the customer, he/she lost over $250,000 because of Mr. Escarcega’s actions. As of this publication date, this claim remains pending.
In June 2022, a FINRA arbitration was filed against or in reference to David Escarcega by a customer of Calton & Associates, Inc. alleging that in 2015, the client purchased 3 alternative products through Mr. Escarcega. The client claims investments were unsuitable and were an overconcentration of their retirement assets. Per the customer, he/she lost over $50,000 because of Mr. Escarcega’s actions. As of this publication date, this claim remains pending.
In June 2022, a FINRA arbitration was filed against or in reference to David Escarcega by a customer of Center Street Securities, Inc. alleging that beginning in 2012, Mr. Escarcega recommended an unsuitable investment and in 2019 recommended the client renew said investment. Per the customer, he/she lost over $383,014.45 because of Mr. Escarcega’s actions. On July 17, 2023, Mr. Escarcega settled the claim for $200,000, and some or all of this amount may have been paid by Mr. Escarcega’s employer and/or insurance carrier.
In June 2022, a FINRA arbitration was filed against or in reference to David Escarcega by a customer of Center Street Securities, Inc. alleging that Mr. Escarcega recommended an unsuitable investment in 2013 or 2014. Per the customer, he/she lost over $30,000 because of Mr. Escarcega’s actions. On September 30, 2023, Mr. Escarcega settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Escarcega’s employer and/or insurance carrier.
In April 2018, a FINRA arbitration was filed against or in reference to David Escarcega by a customer of Center Street Securities, Inc. alleging unsuitable product. Per the customer, he/she lost over $75,000 because of Mr. Escarcega’s actions. On July 16, 2018, Mr. Escarcega settled the claim for $20,000, and some or all of this amount may have been paid by Mr. Escarcega’s employer and/or insurance carrier.
In April 2016, Center Street Securities, Inc. terminated David Escarcega for allegedly making misrepresentations to customers in connection with their purchases of renewable secured debentures.
In March 2016, the Arizona Corporation Commission Securities Division initiated a regulatory action against or in reference to David Escarcega for misrepresenting guarantees, liquidity, and risk; and dishonest or unethical practices in the securities industry including unsuitability.
In November 2014, a complaint was filed against or in reference to David Escarcega by a customer of Center Street Securities, Inc. alleging that in December 2012, Mr. Escarcega advised the client to surrender two life (fixed insurance) policies, which resulted in a combined federal and state tax liability of approximately $140,000.
In August 2014, FINRA initiated a regulatory action against or in reference to David Escarcega for allegedly making false and misleading oral and written statements to customers in connection with their purchases of renewable secured debentures, which are an illiquid and high-risk alternative investment.
In August 2013, a complaint was filed against or in reference to David Escarcega by a customer of Center Street Securities, Inc. alleging that Mr. Escarcega misinterpreted the amount of permissible dollars for new investment. The client alleges that Mr. Escarcega stated the return on new investment would more than cover the surrender charge and taxes incurred from the removal incurred from the removal of the old investment.
In December 2009, David Escarcega voluntarily resigned from Chase Investment Services Corp. while under investigation for a report that he sold a client an annuity through a non-firm approved vendor and trade was not principled through the firm.
How To File A Claim Against David Escarcega (previously with Center Street Securities, Inc., Chase Investment Services Corp., and Lincoln Financial Securities Corporation) To Get Your Money Back
If you have questions about David Escarcega, Center Street Securities, Inc., Chase Investment Services Corp., Lincoln Financial Securities Corporation, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.