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Tower Square Broker David Faubert of Connecticut Still Troubling Firm
Broker Faubert has been banned from the securities industry for his defrauding as many as 15 clients of nearly $2.4 million through his firm Faubert Financial Group, Inc. of Avon, Connecticut.
In addition to arbitration complaints filed against Tower Square Securities, the SEC, the NASD and Connecticut banking officials want to determine whether Tower Square complied with securities laws and regulations in supervising the rogue broker and in complying with its anti-money-laundering program.
Faubert had promised to invest his clients' money in a "fixed account" with a guaranteed 8% rate of return. Instead, he used their money for his own personal use and provided clients with false account statements.
Source: Investment News
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