David D. Lewis– Failure to Establish, Maintain and Enforce Adequate Supervisory System and Written Supervisory Procedures
David D. Lewis Allegedly Failed to Establish, Maintain and Enforce Adequate Supervisory System and Written Supervisory Procedures
David D. Lewis allegedly failed to establish, maintain and enforce adequate supervisory system and written supervisory procedures, according to a recent Complaint from FINRA’s Department of Enforcement.
Said Complaint goes on to allege that Lewis, from March 2008 until February 2011, was the Chairman, Chief Executive Officer, Chief Compliance Officer of First Washington, and that he was responsible for establishing, maintaining and enforcing First Washington’s supervisory system.
David D. Lewis Fined $30K by FINRA for Failing to Establish, Maintain and Enforce Adequate Supervisory System and Supervisory Procedures
Three of First Washington’s customers allegedly engaged in a large number of high-risk options transactions, resulting in losses of approximately $2,853,924.29, all while David D. Lewis was responsible for establishing, maintaining and enforcing First Washington’s supervisory system, according to the FINRA Complaint.
What is more, the Complaint notes that a significant portion of the customers’ losses could have purportedly been prevented if Lewis had established, maintained and enforced an adequate supervisory system and WSPs. As a result of the aforementioned behavior, Lewis has been suspended and fined $30,000 and fined by FINRA.
It should also be noted that Lewis accepted and consented, without admitting or denying the FINRA findings solely for the purposes of the FINRA proceeding and any other proceeding brought by or on behalf of FINRA, according to the AWC.
The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors
The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of inadequate supervisory systems. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of inadequate supervisory systems are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.