Founded by David Adams Davidson in 1935, D.A. Davidson & Co. (“D.A. Davidson”) is a full-service broker-dealer and Registered Investment Adviser. The name of the firm, which was originally Gibson Associates, was changed in 1959. While the firm acquired numerous other firms over the years, in 2013 it merged with Crowell, Weedon & Co., a full-service brokerage. D.A. Davidson has 1,525 employees in 106 offices and is currently led by James P. Kerr, Lawrence Martinez, Scott Witeby, and Ian Davidson. It is headquartered in Great Falls, Montana and has licenses in all 50 states as well as the District of Columbia, though it currently serves 28 states.
Financial Misconduct at D.A. Davidson & Co.
D.A. Davidson is licensed by the Financial Industry Regulatory Authority (FINRA), and as such is legally obligated to ensure its brokers are acting lawfully in the interest of their investors. If a client suffers losses as a result of negligent behavior or misconduct from a broker, then the firm may be held legally responsible to repay the damages.
D.A. Davidson and brokers backed by D.A. Davidson have a long history of misconduct and complaints, with 48 disclosures (41 regulatory events and seven arbitrations) in FINRA’s Public Disclosures.
In 2018, the FINRA arbitration panel entered an award of $950,751.94 against D.A. Davidson for breach of fiduciary duty, misrepresentation, omission of facts, breach of contract, and negligence surrounding municipal bonds.
In December 2019, FINRA censured and fined D.A. Davidson $85,000 for providing misleading or inaccurate statements in its issue price certificates concerning the percentage of each maturity that was either sold or reasonably expected to sell related to municipal offerings.
In July 2022, NASDAQ initiated a case against D.A. Davidson, alleging that from October 1, 2019 through April 27, 2020, the firm violated NASDAQ’s rules by failing to maintain continuous two-sided quotes in 3,037 instances, and by failing to establish and maintain a system to supervise the activities of each registered representative. The firm paid a fine of $22,000.
Also In 2022, Andrew Schell, who was registered with D.A. Davidson & Co., was named in five settled disputes. These cases were collectively settled for approximately $118,220.56.
You May Have a Claim. Contact Our Firm Now!
As an investor, you may have a right to recover investments losses sustained through unethical behavior or decisions made against your best interests. Meyer Wilson reclaimed $350 million for the victims of investment fraud or misconduct. Our attorneys are experienced in going up against large investment firms, and our track record affirms our resources and expertise. Meyer Wilson has represented clients nationwide and internationally, in state and federal courts, and in arbitration through FINRA, AAA, JAMS, and privately.
If you believe that you have been the victim of investment fraud or have been recommended unsuitable investments, you may have options. Call Meyer Wilson today!