David Rollins, StoneX Broker, Suspended by FINRA
David Rollins (CRD# 4576407), a broker registered with StoneX Securities, improperly used customer funds, according to a recent disciplinary action. MDF Law is investigating the Baton Rouge, Louisiana-based financial professional for similar conduct. We encourage current or former clients with concerns about their accounts to reach out for a free consultation.
To learn more about the allegations involving Mr. Rollins, continue reading this post. The information herein is based on a January 28, 2025 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Sanction Alleges Improper Asset Transfer
A Letter of Acceptance, Waiver, and Consent (No. 2022075416402) published on October 31, 2024 outlines FINRA’s disciplinary action against Mr. Rollins. As it alleges, he transferred a sum of about $12,000 in cash, as well as $200,000 in securities, from his minor daughter’s trust account to his own brokerage account. He was the account’s sole custodian, per FINRA. As such, he “was required to keep the custodial property in that account separate and distinct from all other property.” As FINRA notes, once a donor has contributed assets to a Uniform Trust Minor Account, the assets are the property of the account’s minor beneficiary. This means that “neither the donor nor the custodian can divest the beneficiary of the donated assets.”
In February 2017, FINRA alleges, Mr. Rollins requested his firm transfer the assets in his daughter’s account to his own brokerage account, then close the trust account. The following month, he informed the firm of his intent to establish a trust for his daughter by the end of the calendar year. Upon receiving approval from his firm, per FINRA, he transferred the above-described cash and securities into his brokerage account, later selling 500 shares of stock that were previously in the trust account.
David Rollins Suspended and Fined
Five years later, in 2022, Mr. Rollins “established an irrevocable trust for the benefit of his daughter,” per FINRA. Once it was established, he transferred assets from his own brokerage account into the irrevocable trust. These assets included roughly $107,000 in cash and “all the remaining shares of stock previously held in the trust account worth approximately $105,000.” FINRA alleges that the transfer of assets from the UTMA to his brokerage account constituted the “improper use of a customer’s securities and funds.”
FINRA found that Mr. Rollins’ conduct violated FINRA Rule 2150. Under this rule, brokers may not “make improper use of a customer’s securities or funds.” As a result, it suspended him from associating with any member firm for three months. It also ordered him to pay a fine of $5,000.
Pending Dispute Alleges Breach of Fiduciary Duty
On July 31, 2023, an investor lodged a dispute alleging that Mr. Rollins violated his fiduciary duty. More specifically, it alleges that he breached his duty when he requested the transfer of funds from his minor daughter’s trust account to his own personal account. The dispute, which is still pending, seeks $75,000 in alleged damages.
FINRA: Broker Based in Baton Rouge, Louisiana
Mr. Rollins launched his career as a broker in 2011, when he registered with Morgan Stanley in Baton Rouge, Louisiana. He left the firm in 2012, joining StoneX Securities’ office in Baton Rouge. With 13 years of experience as a broker, he has completed three industry exams, including the Series 7 and the Series 66.
Call MDF Law to Discuss Your Investment Recovery Options
Have you lost money investing with David Rollins? You may have recovery options. The seasoned investment fraud attorneys at MDF Law have proven records of experience, securing millions in recoveries for their clients. We take cases on a contingency basis, meaning our clients only pay a fee if they win their case. Call 800-767-8040 today for a free consultation with our team.