CFP Board Disciplines California's Joel Davidman for Unauthorized Discretion, Alaska's Michael Shamburger and Rob Wedel for Multi-Million Dollar Misconduct

Attorney Advising Disclaimer

The Certified Financial Planner Board of Standards revoked Joel D Davidman (Los Angeles, California), Michael W Shamburger (Anchorage, Alaska), and Rob E Wedel (Anchorage, AK)'s right to use CFP certification marks for securities-related misconduct: Davidman for unauthorized use of discretion and Shamburger/Wedel for unauthorized private placements and solicitations of promissory notes totaling over $12 million.

When FINRA suspended Joel David Davidman (CRD #861180) of Stifel, Nicolaus & Company in Century City in 2017, investigators wrote that Davidman exercised discretionary trading authority and effected 2,200 trades without prior written authorization from at least 27 customers at Davidman's previous employer, Morgan Stanley Smith Barney.

The report indicated that Morgan Stanley did not give Davidman permission to use discretion and Morgan Stanley discharged Davidman for "discretionary trades in client accounts without written authorization."

Despite Morgan Stanley's termination based on this alleged misconduct, Stifel Nicolaus nonetheless hired Davidman, where he is still currently registered despite the California Department of Insurance's subsequent suspension of Davidman's license.

When the SEC ordered Alaska brokers Michael Wayne Shamburger (CRD #1739030) and Rob Eric Wedel (CRD #2459397) to pay a combined $75,000 in civil and administrative penalties/fines in 2019, it issued a cease-and-desist order finding that Shamburger and Wedel solicited clients and recommended they invest $12 million in promissory notes for the Alaska Financial Company III LLC ("AFC"), a private real estate fund.

According to SEC documents, Shamburger and Wedel failed to disclose conflicts of interest and violated broker-dealer registrations while associated with a firm called Foundations Asset Management, LLC ("FAM"). The findings state that while acting as an unregistered broker, FAM improperly received $254,000 in compensation from AFC and AFC's manager McKinley Mortgage Co., LLC.

If you have invested with Los Angeles broker Joel Davidman whose unauthorized use of discretion has proven harmful to your investments or with Anchorage brokers Michael Sham-burger and/or Rob Wedel whose illicit private placement solicitations and failures to disclose conflicts of interests and other material facts—such as potentially selling securities products without a license or while not registered to do so—resulted in damages such as excessive fees or losses, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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