David Colflesh, formerly with NYLife Securities, Suspended Eighteen Months
Have you lost money with financial advisor David Colflesh of Tarkio, Missouri? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority), against David R. Colflesh. FINRA suspended Colflesh from the securities industry for eighteen months and ordered him to disgorge over $34,000 in commissions. FINRA was investigating allegations that Colflesh recommended that his customers invest in an energy and natural resources mutual fund without understanding the risks of this energy fund. The energy fund was allegedly not diversified and caused substantial losses when energy prices fell.
David Colflesh was a financial advisor and registered representative of NYLife Securities from 1983 to November 2016. He worked at offices in Tarkio and Detroit, Missouri. Colflesh has been the subject of at least eighteen customer complaints. He also owned and operated Colflesh Financial Services.
Brokerage firms like NYLife Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Denver, Colorado; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Missouri, including victims of the Paul Creager scheme. Our attorneys have recovered millions of dollars for investors against many brokerage firms in the past, including NY Life Securities.
Click to view: Colflesh, David FINRA AWC
Click to view: Colflesh, David BrokerCheck 10.29.18
If you lost money with David Colflesh, or NYLife Securities, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.