FINRA suspends David W. Ingle (CRD #6194469, Chandler, Arizona)
While working as a financial adviser for Wells Fargo in Florida, Paul Zoch has been accused of helping to lure investors into a fraudulent movie financing scheme and of mishandling other clients’ funds. For Wells Fargo, the movie scam and other charges are merely the...read more
April 10, 2018 – An AWC was issued in which Ingle was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for 18 months. Without admitting or denying the findings, Ingle consented to the sanctions and to the entry of findings that he created and distributed two proof of funds letters that contained misleading statements. The findings stated that on behalf of a prospective client of his member firm and a client of the firm’s bank affiliate, Ingle drafted and issued a proof of funds letter on firm letterhead stating that a business linked to the prospective client had the financial capacity to consummate a $278 million real estate purchase with no financing. Although Ingle had reason to believe the prospective client had the financial capacity to consummate the real estate deal, the letter was misleading because the prospective client held no funds or securities at the firm at the time Ingle drafted the letter. The findings also stated that Ingle drafted and issued another proof of funds letter on firm letterhead stating that a firm client had in excess of $57 million in cash at the firm or its affiliate bank. Although Ingle was familiar with the client’s financial capacity and believed the client had the financial capacity to consummate the anticipated transaction, this letter was misleading because the client did not actually have the cash or securities at the firm or its affiliate bank at the time Ingle drafted the letter. Contrary to the firm’s policies, Ingle did not submit either letter for review prior to sending. In each case, the transaction contemplated by the proof of funds letter did not materialize.
If you or someone you know has lost money investing with David W. Ingle, call the experienced FINRA arbitration attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.