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FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information
FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information
The representative was previously registered both as an investment adviser and as a broker. Visit BrokerCheck for more information on this individual's Broker record. Go to BrokerCheck Site
RESPONDENT THEIS FAILED TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE.
Resolution
LETTER
Sanctions
Suspension
Registration Capacities Affected
ANY CAPACITY
Duration
N/A
Start Date
8/29/2013
Regulator Statement
PURSUANT TO ARTICLE VI, SECTION 3 OF FINRA BY-LAWS, AND FINRA RULE 9554, RESPONDENT THEIS IS SUSPENDED AUGUST 29, 2013 FOR FAILURE TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE.
7/26/2012
Regulatory
Final
Initiated By
FINRA
Allegations
RESPONDENT THEIS FAILED TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE.
Resolution
LETTER
Sanctions
Suspension
Registration Capacities Affected
ANY CAPACITY
Duration
N/A
Start Date
7/26/2012
Regulator Statement
PURSUANT TO ARTICLE VI, SECTION 3 OF FINRA BY-LAWS AND FINRA RULE 9554, RESPONDENT THEIS IS SUSPENDED FOR FAILURE TO COMPLY WITH AN ARBITRATION AWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OF COMPLIANCE.
3/23/2012
Customer Dispute
Award / Judgment
Allegations
suitability; misrepresentation; negligence; breach of fiduciary duty; common law fraud; promissory estoppel
Damage Amount Requested
$290,000.01
Regulator Statement
The award against David Theis was discharged through Bankruptcy filed in U.S. Bankruptcy Ct., MN, Case # 13-44984.
9/20/2011
Customer Dispute
Award / Judgment
Allegations
Suitability; violations of federal securities laws; violation of Minnesota Financial Planner Statute; violation of Minnesota Securities Laws; negligence; vicarious liability; common law fraud; and consumer fraud.
Damage Amount Requested
$675,539.70
Regulator Statement
The Award has not been paid.
10/8/2010
Customer Dispute
Award / Judgment
Allegations
THE CLIENTS ALLEGE REP MADE UNTRUE OR MISLEADING STATEMENTS OF MATERIAL FACT IN CONNECTION WITH SALE OF IMH TO THEM. THEY ALSO ALLEGE REP FAILED TO PERFORM A SUITABILITY ANALYSIS BEFORE RECOMMENDING IMH TO THEM. THIS INVESTMENT WAS INITIATED IN JUNE 2007.
Damage Amount Requested
$1,000,000.00
Damages Granted
$35,000.00
License(s)
The broker is not currently registered with any state or SRO.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.