An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Great Falls, Montana-based D.A. Davidson & Co. and entered an award against the firm for over $1 million. The award follows D.A. Davidson customer complaints of fraud, negligence, breach of contract, breach of fiduciary duty, and violations of the Nebraska Securities Act.

The causes of action brought by three D.A. Davidson customers related to investments in Cliffs Natural Resources; Puerto Rico Public Finance Corporation; and Puerto Rico Electric Power Authority. The Claimants claimed that D.A. Davidson improperly placed them in unsuitable investments, made fraudulent misrepresentations as part of the sales transactions, concealed material facts, negligently supervised the Claimants’ broker, and breached fiduciary duties it owed the Claimants.

The arbitration panel entered an award of $783,286.94 in compensatory damages, with interest of nearly $100,000, plus $120,000 in attorneys’ fees, and $47,465 in case expenses: a total award exceeding $1 million. The panel also sanctioned D.A. Davidson during the pendency of the case for discovery violations.

If you or someone you know lost money as a client of D.A. Davidson & Co. due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.