Written by The White Law Group• May 25, 2021• 6:59 pm• Blog, Current Investigations

Broker David White, Centaurus Financial has 12 Customer Complaints

Centaurus Advisor David White’s customers Allege Unsuitable Investments

The White Law Group is investigating potential securities claims involving broker David Bruce White (CRD #1382131) and Centaurus Financial. Our firm has received calls from Centaurus clients who are concerned about the investments White allegedly recommended to them.

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According to his FINRA BrokerCheck profile, White was affiliated with Centaurus Financial in Bloomfield Hills, MI from 2005 until April 2020.

White reportedly has 12 customer complaints on his broker record. Allegations include unsuitable investments and misrepresentations, among others. In one complaint, the clients alleged that White invested $2 million into non-traded REITs, oil and gas programs and limited partnerships. The claimants also alleged that “high fees were charged and that was their primary reason for putting claimants in these investments.” White denied any wrong-doing. The damage amount requested was $1,500,000 and settled for an undisclosed amount.

Potential Lawsuits to Recover Investment Losses

When brokers violate securities laws, such as making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.