Advisor Alert: Our Attorneys Are Investigating David Baker White For Investment Fraud
Did You Lose Money Because of David White?
Filed: February 2, 2024
David White has been the subject of eight (8) 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 Baker White.
Who Is David Baker White of Wells Fargo Clearing Services, LLC?
- Advisor Name: David Baker White
- Aliases: David White
- CRD: 2391143
- Location: Southlake, Texas
- Current Employer: Wells Fargo Clearing Services, LLC
- Previous Firms: UBS Financial Services Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Number of Known Customer Complaints: 8
- Can David White Be Sued: Yes, in Private Arbitration
- Can David White’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $589,825
- Highest Settlement: $250,000
If you have suffered investment losses by David White, 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 White For Broker Misconduct
As of this publication date, David White has been the subject of 8 customer disputes. Let’s review them below.
In July 2019, a FINRA arbitration was filed against or in reference to David White by multiple customers of Wells Fargo Clearing Services, LLC alleging that approximately September 2013, Mr. White misrepresented the tax consequences of liquidation of an annuity. On April 23, 2020, Mr. White settled the claim for $125,000, and some or all of this amount may have been paid by Mr. White’s employer and/or insurance carrier.
In January 2019, a complaint was filed against or in reference to David White by a customer of Wells Fargo Clearing Services, LLC alleging that Mr. White should not have recommended she purchase an annuity with the proceeds of an annuity which she inherited.
In December 2005, a NASD arbitration was filed against or in reference to David White by multiple customers of UBS Financial Services Inc. alleging breach of fiduciary duty, misrepresentation, negligence, and unsuitable recommendations in connection with their UBS accounts. Per the customers, they lost over $589,825 because of Mr. White’s actions. On September 26, 2006, Mr. White settled the claim for $120,000, and some or all of this amount may have been paid by Mr. White’s employer and/or insurance carrier.
In June 2005, a complaint was filed against or in reference to David White by a customer of UBS Financial Services Inc. alleging that the client wanted conservative to moderate investments and instead Mr. White, “against her instructions”, put her money into “aggressively handled, high-risk investments.”
In October 2003, a NYSE arbitration was filed against or in reference to David White by a customer of UBS Financial Services Inc. alleging unsuitability, breach of fiduciary duty, misrepresentation regarding the securities purchased in the client’s accounts and the use of margin. On March 11, 2005, Mr. White settled the claim for $104,000, and some or all of this amount may have been paid by Mr. White’s employer and/or insurance carrier.
In September 2002, a NASD arbitration was filed against or in reference to David White by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging unsuitability, negligence, breach of fiduciary duties, and material misrepresentation. Per the customer, he/she lost over $365,000 because of Mr. White’s actions. On October 6, 2003, Mr. White settled the claim for $75,000, and some or all of this amount may have been paid by Mr. White’s employer and/or insurance carrier.
In December 2000, a NASD arbitration was filed against or in reference to David White by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that the client’s account was churned and that the investments were unsuitable for his age and pending retirement. Per the customer, he lost over $40,000 because of Mr. White’s actions. On April 19, 2001, Mr. White settled the claim for $20,000, and some or all of this amount may have been paid by Mr. White’s employer and/or insurance carrier.
In December 2000, a NASD arbitration was filed against or in reference to David White by multiple customers of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging that Mr. white made several unauthorized trades and that the representative made investments that were not “consistent with the clients’ investment philosophy.” On June 12, 2001, Mr. White settled the claim for $250,000, and some or all of this amount may have been paid by Mr. White’s employer and/or insurance carrier.
How To File A Claim Against David White of Wells Fargo Clearing Services, LLC (previously with UBS Financial Services Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated) To Get Your Money Back
If you have questions about David White, Wells Fargo Clearing Services, LLC, UBS Financial Services Inc., 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.