David Karin Allegedly Misled Investors
David Karin (CRD# 2486154), a broker registered with Western International Securities, recommended unsuitable investments, according to investor disputes. MDF Law is investigating the Westlake Village, California-based financial professional for similar conduct. If you have complaints about your investments, contact us for a free, confidential consultation.
To learn more about the disputes involving Mr. Karin, continue reading this post. The information below is based on an October 14, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Pending Disputes Allege Suitability Violations
Three parties of investors filed disputes involving Mr. Karin in 2024. These disputes include allegations that he recommended unsuitable investments, breached his fiduciary duty, and misled investors. The allegations, which are still pending, seek $290,000 in cumulative damages.
Firms Settled Past David Karin Disputes
The above-described disputes are not the only ones in Mr. Karin’s history. In 2022, another investor lodged a dispute alleging that he misrepresented and recommended unsuitable bond investments. His member firm settled the dispute for $420,000. A decade earlier, in 2012, an investor filed a claim alleging that he misrepresented an annuity product. In this case, his former member firm settled the disputes for $47,500.
Industry Rules Mandate Suitable Recommendations
Under FINRA Rule 2111 and the SEC’s Regulation Best Interest, brokers like Mr. Karin are required to tailor their recommendations to a client’s unique profile. This includes their net worth, investment experience, investment objectives, liquidity needs, risk tolerance, and other factors. FINRA rules also forbid brokers from misleading investors about the investments they recommend, as such misrepresentations may lead clients to invest in unsuitable products.
What Is Western International Securities?
Western International Securities is part of Atria Wealth Solutions, according to its website. The firm’s “Background” page includes a description of its values and philosophy, including the principles that guide its investment services. “The relationship comes first,” it reads. “Every part of our business flows from this idea. Technology. Products. Support. It all has to strengthen the link between financial professionals and the people they serve.”
FINRA: Broker Based in Westlake Village, California
David Karin launched his career as a broker in 1994. That year, he joined Baraban Securities’ office in Los Angeles, California. Over the subsequent decades, he worked with a variety of firms, including Wamu Investments and Chase Investment Services. He registered with his current member firm, Western International Securities, in 2012. He remains at the firm today, based at its office in Westlake Village, California. With 30 years of experience as a broker, he has completed three industry exams, including the Series 63 and the Series 7.
Contact MDF Law for a Free Consultation
Are you a current or former David Karin client with concerns about your accounts? Do you feel that your accounts were not suitably investment, or that risks connected with your investments were not fully disclosed?
You may have grounds to file a FINRA arbitration claim to recover losses. MDF Law’s investment fraud attorneys have decades of experience advocating for investors. Not only do we take cases on a contingency basis—we only receive a fee when our clients win—but we provide free consultations to investors nationwide. Call 800-767-8040 to speak with an attorney today.