David Gibbs, J. Alden Broker, Allegedly Churned Investments
David Gibbs (CRD# 2917334), a broker registered with J. Alden Associates, churned investments, according to an investor dispute. MDF Law is investigating the Wayne, Pennsylvania-based financial professional for similar conduct. We encourage current or former clients with concerns about their accounts to contact us for a free consultation.
To learn more about Mr. Gibbs’ history as a broker, continue reading this post. The information below can be found in his BrokerCheck profile, a Financial Industry Regulatory Authority record examined on January 20, 2025.
Pending Dispute Alleges Churning
On December 3, 2024, an investor filed a dispute involving Mr. Gibbs. The claim alleges that he churned two of the customer’s variable universal life insurance policies by taking out loans to fund a new one. The dispute, which is still pending, seeks $93,560 in alleged damages.
Why Did FINRA Suspend David Gibbs?
On October 2, 2024, FINRA undertook a disciplinary action against Mr. Gibbs. According to his BrokerCheck profile, the action stemmed from allegations of an undisclosed an unapproved loan from a customer. As alleged, he borrowed a sum of $780,000 from a firm customer, memorialized in a promissory note that specified a 30-year term with monthly payments. “Gibbs submitted compliance attestations to his firm,” the disclosure asserts, “in which he falsely represented that he had not borrowed money from any of his clients other than immediate family members.”
As a result of these findings, FINRA fined him a sum of $5,000 and suspended him for 30 days. His suspension began on October 21, 2024 and lifted on January 20, 2025.
MassMutual Fired Broker in 2023
Prior to his suspension by FINRA, Mr. Gibbs was fired by a former member firm. As a disclosure on his BrokerCheck profile reflects, MML Investors Services terminated him in August 2023 for violating company policy. The firing stemmed from allegations that he obtained a loan from a customer.
A comment on the disclosure adds that the customer in question was also a friend of Mr. Gibbs. “The client had received funds that she wanted to use to generate income not tied to the stock market,” it reads. When she mentioned her interest in making a loan using the funds, Mr. Gibbs allegedly “suggested that she loan the funds to him in a transaction secured by property that he owned.”
FINRA: Broker Based in Wayne, Pennsylvania
Mr. Gibbs launched his career as a broker in 1997. That year, he registered with New England Securities’ office in Newtown Square, Pennsylvania, where he remained until 2015. After leaving the firm, he joined MSI Financial Services in Newtown Square, which he departed in 2017 for MML Investors Services. He joined his current member firm, J. Alden Associates, in November 2023, and works at its Wayne, Pennsylvania branch office. With 27 years of experience as a broker, he has completed three industry exams, including the Series 6 and the Series 63.
MDF Law Has Your Back
Did you lose money working with David Gibbs? Were your assets concentrated in risky or illiquid products, or in products whose features were not fully disclosed? You may have grounds to pursue an arbitration claim to recover lost funds. Boasting more than $100 million in funds recovered for our clients, MDF Law takes cases on a contingency basis and offers free consultations. Call 800-767-8040 to speak with one of our investor advocates today.