FINRA barred former Osaic Services f/k/a SagePoint Financial broker David Victor Tall of the firm's Costa Mesa and San Juan Capistrano, CA branches for failing to cooperate with an investigation that he executed promissory notes without prior approval.
Osaic Wealth discharged broker David "Dave" Tall (CRD #1314547) in December 2023, according to BrokerCheck, for executing two promissory notes without prior approval by Osaic. When FINRA attempted to further investigate this matter, Tall failed to provide requested information and documents, leading to a permanent bar from the industry.
Promissory notes are susceptible to fraud and investor deception, and when they are sold to clients without firm permission, this already risky product falls out of the scope of supervision that comes with firm-approved securities.
For instance, a series of unsuitable undisclosed and unapproved transactions concerning Woodbridge Group of Companies promissory notes was exposed as a fraudulent Ponzi scheme totalling over $1 billion. The Woodbridge fraud often relied on brokers soliciting investors to purchase promissory notes away from and without disclosing or seeking approval for the sales from their brokerage firms.
If you invested with former Osaic Wealth broker David Victor Tall or with any investment adviser whose undisclosed private securities transactions, promissory notes sales, or other selling away has resulted in losses or other damages due to evading supervision and suitability review requirements, 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.