Client alleges that Mr. Kraft removed funds from a trust account without authorization.

$1,200,000.00

$425,000.00

Client alleges that Mr. Kraft removed funds from her accounts without authorization.

$716,528.06

$425,000.00

FINRA

Respondent David Kraft 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.

letter

Suspension

all capacities

indefinite

Continues until the required payment is made or discharged.

12/10/2019

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent David Kraft is suspended on December 10, 2019, 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.

FINRA

Respondent Kraft failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All Capacities

Indefinite

11/4/2019

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice of Suspension and Suspension from Association letters dated July 31, 2019 and August 26, 2019, respectively, on November 4, 2019, Kraft is barred from association with any FINRA member in all capacities. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

Client alleged misrepresentation with respect to mutual fund investments in account - September 2012 to March 2015.

$40,000.00

The majority of the client's allegations do not involve activity by FA David Kraft.

COMPLAINT ADDRESSED TO FINRA ALLEGES UNSUITABILITY AND UNAUTHORIZED TRADING OF CLOSED-END FUNDS.

$90,000.00

FLORIDA STATE RESIDENT EXPRESSED IN WRITING THAT HER FA'S CHOICE OF INVESTMENT WAS NOT SUITABLE. CUSTOMER FURTHER STATES THAT FA MADE UNAUTHORIZED TRADES OF MUTUAL TRADES IN AUGUST OF 2007. CUSTOMER DOES NOT STATE DAMAGE AMOUNT, BUT LOSSES ARE ESTIMATED TO BE APPROXIMATELY $71,000.

$71,858.00

THE INVESTMENTS COMPLAINED OF BY CUSTOMER WERE NOT PURCHASED AT WACHOVIA AND THE ACCOUNT WAS WITH WACHOVIA FOR APPROXIMATELY 5 MONTHS. THE DECLINE IN VALUE OF THE INVESTMENTS CAN BE ATTRIBUTED TO RECENT MARKET VOLATILITY CAUSED BY THE RECENT CREDIT CRUNCH. THE CUSTOMER AND FA DID NOT DISCUSS CHANGE OF INVESTMENT OBJECTIVES WHILE CUSTOMER WAS WITH WACHOVIA SECURITIES.