DID DAVID WILLIAM ALTIMONT CAUSE YOU INVESTMENT LOSSES?
About David Altimont of Creative Planning?
David Altimont (CRD #1253291) is an investment advisor with a career spanning multiple firms since his first registration in 1987.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
David Altimont Customer Complaints and Reviews
David Altimont’s record contains one disclosed termination:
- Termination (World Choice Securities, Inc., December 2005):
- Reason: Allegations of dual registration with another broker-dealer while still employed at World Choice, violating company policy and his employment contract.
- Firm’s Statement: The firm received employment verification from the new employer and found that Mr. Altimont was already registered elsewhere without proper termination notice.
- Broker’s Statement: Mr. Altimont contended that he had provided termination notice to World Choice and that the filing of his U4 form with the new employer automatically informed World Choice, disputing the dual registration claim.
Allegations Against David Altimont
- The sole allegation involves Mr. Altimont’s employment termination at World Choice Securities in 2005:
- Nature of Allegation: Dual registration with another broker-dealer.
- Firm’s Claim: Policy and contractual violation occurred without prior notice.
- Broker’s Defense: Contended that proper termination protocol was followed, and the dual registration claim was incorrect.
David Altimont Employment History
He has worked at nine different brokerage firms, including World Choice Securities, AIG Financial Advisors, and Lockton Investment Securities. His last active registration ended in December 2021.
Mr. Altimont has passed seven securities exams: one principal/supervisory exam, four general industry/product exams, and two state securities law exams, including the Series 65 Investment Adviser Law Examination. He is not currently registered as a broker or investment advisor.
- Employment History:
- Creative Planning, LLC: Investment Adviser Representative (12/2021 – Present)
- Lockton Investment Advisors, LLC: Principal Producer (07/2007 – 04/2022)
- Lockton Companies, LLC: Producer (07/2003 – 12/2021)
- Termination Details:
- In 2005, Mr. Altimont was discharged from World Choice Securities due to allegations of dual registration, which violated company policy and his employment contract.
Investment Advisors Owe Clients The Highest Level Of Care
Investment advisors have a fiduciary duty to act in the best interest of their clients, placing the client’s interests above their own. This includes providing full disclosure about nature, mechanics, and risks of any recommended investment strategies or activities. Advisors must ensure that clients understand the potential outcomes, costs, and risks associated with investments, enabling them to make informed decisions. The duty of care requires advisors to exercise skill, diligence, and prudence in managing client portfolios, ensuring that recommendations are suitable for each client’s specific financial goals, risk tolerance, and circumstances. This fiduciary responsibility is essential in maintaining trust and ensuring the advisor’s decisions prioritize the client’s needs.
Option Trading Can Be Extremely Risky
Option trading can be highly risky, particularly when it involves complex strategies or high leverage. Options give investors the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a set period. While options can be used to hedge risks, they can also amplify losses, especially for inexperienced investors. Investment advisors who engage in options trading on behalf of clients must carefully consider the client’s risk tolerance and ensure they fully understand the potential outcomes.
More risky options strategies, such as naked calls or puts, involve selling options without holding the underlying asset. This exposes the investor to unlimited losses if the market moves unfavorably. For example, in a naked call strategy, an advisor sells a call option without owning the underlying stock. If the stock price rises significantly, the client could face substantial losses, as they would be obligated to buy the stock at a much higher price. Due to these risks, it’s crucial for advisors to fully explain the strategy and its potential consequences before engaging in such transactions.
David Altimont Red Flags & Your Rights As An Investor
Of course, David Altimont did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Creative Planning on alert to review carefully the activity and performance of their accounts and question whether David Altimont has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Creative Planning also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Creative Planning Due To David Altimont
If you have questions about Creative Planning and/or David Altimont and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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