Advisor Alert: Our Attorneys Are Investigating David Michael Sherwood For Investment Fraud
Did You Lose Money Because of David Sherwood?
Filed: March 11, 2024
David Sherwood (also known as Dave Michael Sherwood) currently has one (1) pending customer complaint. Overall, he has been the subject of one (1) criminal event, one (1) termination event, and twelve (12) customer complaints. 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 Michael Sherwood.
Who Is David Michael Sherwood of Greenberg Financial Group?
- Advisor Name: David Michael Sherwood
- Aliases: Dave Michael Sherwood
- CRD: 1024893
- Location: Tucson, Arizona
- Current Employer: Greenberg Financial Group
- Previous Firms: RBC Dain Rauscher Inc., Prudential Securities Incorporated, and Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Number of Known Customer Complaints: 12
- Number of Known Criminal Events: 1
- Number of Known Termination Events: 1
- Can David Sherwood Be Sued: Yes, in Private Arbitration
- Can David Sherwood’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $720,000
- Highest Settlement: $215,000
If you have suffered investment losses by David Sherwood, 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 1-800-950-6553.
Customer Complaints Filed Against David Sherwood For Broker Misconduct
As of this publication date, David Sherwood has been the subject of 1 criminal event, 1 termination event, and 12 customer disputes. Let’s review them below.
In February 2023, a FINRA arbitration was filed against or in reference to David Sherwood by a customer of Greenberg Financial Group alleging that the decision to purchase GWG L Bonds in Customer’s accounts caused loss and was due to negligence and breach of fiduciary duty. Per the customer, he/she lost over $72,796.47 because of Mr. Sherwood’s actions. As of this publication date, this claim remains pending.
In March 2008, a complaint was filed against or in reference to David Sherwood by a customer of Merrill Lynch alleging that the clients wanted Mr. Sherwood to invest in stable investments and orally requested unspecified compensation in view of their investment losses. Per the customer, he/she lost over $100,000 because of Mr. Sherwood’s actions.
In December 2005, a NASD arbitration was filed against or in reference to David Sherwood by a customer of RBC Dain Rauscher Inc. alleging that Mr. Sherwood over traded mutual funds in deceased wife’s accounts, in the period 1999 to 2001. Per the customer, he lost over $200,000 because of Mr. Sherwood’s actions. On October 31, 2006, Mr. Sherwood settled the claim for $92,250, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In September 2003, a complaint was filed against or in reference to David Sherwood by multiple customers of RBC Dain Rauscher Inc. alleging that Mr. Sherwood misrepresented his investment strategy & put them in unsuitable high tech stocks in the period 1999-2002. Per the customers, they lost over $262,613.54 because of Mr. Sherwood’s actions. On December 14, 2001, Mr. Sherwood settled the claim for $100,000, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In August 2003, a complaint was filed against or in reference to David Sherwood by multiple customers of RBC Dain Rauscher Inc. alleging that the clients wanted Mr. Sherwood to invest in stable investments and orally requested unspecified compensation in view of their investment losses. Per the customers, they lost over $100,000 because of Mr. Sherwood’s actions. On January 5, 2004, Mr. Sherwood settled the claim for $40,000, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In May 2003, a NASD arbitration was filed against or in reference to David Sherwood by a customer of RBC Dain Rauscher Inc. alleging overtrading in mutual funds between 1998 & 2001. Per the customer, he/she lost over $300,000 because of Mr. Sherwood’s actions. On June 10, 2005, Mr. Sherwood settled the claim for $160,000, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In September 2002, a NASD arbitration was filed against or in reference to David Sherwood by a customer of RBC Dain Rauscher Inc. alleging that Mr. Sherwood made unsuitable and unauthorized investments, compensatory damages are unspecified. However, claims for other damages, including investment losses, emotional distress and punitive damages are believed to exceed $5,000 but not more than $100,000. On September 2, 2003, Mr. Sherwood settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In July 2002, a complaint was filed against or in reference to David Sherwood by a customer of Merrill Lynch alleging that the clients wanted Mr. Sherwood misrepresented the client’s exposure to technology stocks in the client’s mutual fund investments. client claims he wanted a conservative portfolio and was opposed to owning technology stocks. Per the customer, he/she lost over $55,000 because of Mr. Sherwood’s actions.
In January 2002, a NASD arbitration was filed against or in reference to David Sherwood by a customer of RBC Dain Rauscher Inc. alleging discretionary account engaged in excessive and unsuitable trading, primarily in mutual funds. Per the customer, he/she lost over $720,000 because of Mr. Sherwood’s actions. On November 15, 2002, Mr. Sherwood settled the claim for $215,000, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In October 2001, a NASD arbitration was filed against or in reference to David Sherwood by a customer of RBC Dain Rauscher Inc. alleging that Mr. Sherwood’s investment recommendations between March 2001 and September 2001 were inappropriate for her 91-year old father. Per the customer, he/she lost over $130,319 because of Mr. Sherwood’s actions. On October 11, 2002, Mr. Sherwood settled the claim for $87,500, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
In May 2001, a complaint was filed against or in reference to David Sherwood by a customer of RBC Dain Rauscher Inc. alleging questions on trading activity and associated commissions and fees paid. Per the customer, he/she lost over $100,000 because of Mr. Sherwood’s actions. On July 5, 2001, Mr. Sherwood settled the claim for $6,169.68.
In January 1993, felony charges were pressed against Mr. Sherwood in Pima County, AZ. Mr. Sherwood received 1 felony charge for obtaining prescription cough syrup under false pretenses.
In January 1993, Merrill Lynch terminated Mr. Sherwood after he disclosed to the branch manager the facts and circumstances leading to his arrest for attempting to obtain a previously prescribed prescription cough medicine without a prescription.
In December 1992, a complaint was filed against or in reference to David Sherwood by a customer of Merrill Lynch alleging excessive and unsuitable transactions damages. Per the customer, he/she lost over $158,000 because of Mr. Sherwood’s actions. On March 26, 1993, Mr. Sherwood settled the claim for $75,000, and some or all of this amount may have been paid by Mr. Sherwood’s employer and/or insurance carrier.
How To File A Claim Against David Sherwood of Greenberg Financial Group (previously with RBC Dain Rauscher Inc., Prudential Securities Incorporated, and Merrill Lynch, Pierce, Fenner & Smith Incorporated) To Get Your Money Back
If you have questions about David Sherwood, Greenberg Financial Group, RBC Dain Rauscher Inc., Prudential Securities Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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.