Our firm is investigating WealthForge Securities stockbroker David Andrew Kangas (CRD# 6591398) of Richmond, Virginia for potential investment-related misconduct.
David Andrew Kangas’s Stockbroker Career History
David Andrew Kangas is currently registered with WealthForge Securities, LLC, where he has been registered as a General Securities Representative since November 1, 2019. His listed branch office is located at 3015 W Moore Street, Suite 102, Richmond, Virginia 23230.
Kangas was previously registered with Cabot Lodge Securities LLC from March 2019 to November 2019 in Orange, California, and with Sandlapper Securities, LLC from January 2016 to March 2019 in Orange, California. His reported employment history also lists Cornerstone Real Estate Investment Services in Orange, California, beginning in December 2015.
According to FINRA, Kangas has passed the Securities Industry Essentials Examination, the Series 7 General Securities Representative Examination, and the Series 63 Uniform Securities Agent State Law Examination.
David Andrew Kangas Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reports four pending customer disputes involving David Andrew Kangas. These matters involve allegations connected to private placement investments, including Delaware Statutory Trust replacement properties, 1031 exchange investments, and a notes offering. The allegations include fraud, lack of suitability, lack of due diligence, misrepresentations or omissions, negligence, breach of fiduciary duty, breach of contract, and, in one matter, failure to supervise.
These are pending customer disputes, and the allegations have not been proven or finally adjudicated. Kangas’s BrokerCheck report includes broker statements disputing or contextualizing the allegations, including statements that certain investors had not realized a loss of invested principal and that market conditions, sponsor management changes, inflation, operating costs, insurance costs, property taxes, maintenance expenses, and rising interest rates contributed to investment performance issues.
2026 FINRA Arbitration Alleging $1,000,000 in Damages
A pending FINRA arbitration, docket number 26-00648, was filed on March 23, 2026, and received on April 2, 2026. The claim relates to investment activity in 2022 while Kangas was associated with WealthForge Securities, LLC.
The claimant alleges negligence, lack of suitability, fraud, lack of due diligence, misrepresentation, failure to supervise, omitting material facts, breach of contract, and breach of fiduciary duty. The product type is listed as a private placement, and the alleged damages are $1,000,000.
According to the broker statement, the claimant sold an investment property and completed a Section 1031 exchange into a portfolio of DST replacement properties. The exchange proceeds were reportedly allocated across nine DST offerings representing interests in 53 underlying properties. The broker statement further says distributions were later reduced and suspended after operational challenges and management changes affected one sponsor’s property.
2026 FINRA Arbitration Alleging $150,000 in Damages
Another pending FINRA arbitration, docket number 26-00476, was served on March 16, 2026. The claim relates to investment activity in April 2022 while Kangas was associated with WealthForge Securities, LLC.
The claimants allege negligence, lack of suitability, fraud, lack of due diligence, misrepresentation, omitting material facts, breach of contract, and breach of fiduciary duty. The product type is listed as a private placement, and the alleged damages are $150,000.
The broker statement says the investor completed a Section 1031 exchange into DST replacement properties during the second quarter of 2022, with proceeds allocated across four DST offerings for diversification. The statement attributes performance issues to broader macroeconomic conditions, including inflation, rising interest rates, and increased operating costs affecting real estate assets.
2026 FINRA Arbitration Alleging $300,000 in Damages
A third pending FINRA arbitration, docket number 26-00388, was served on March 2, 2026. The claim relates to investment activity in September 2023 while Kangas was associated with WealthForge Securities, LLC.
The claimants allege negligence, lack of suitability, fraud, lack of due diligence, misrepresentation, omitting material facts, breach of contract, and breach of fiduciary duty. The product type is listed as a private placement, and the alleged damages are $300,000.
According to the broker statement, the investors purchased interests in a 24-month notes offering with a fixed interest rate. The statement says the investment carried an elevated risk profile, that the investors received payments for more than one year, and that the sponsor later halted interest payments, leaving the ultimate resolution of the notes program pending.
2025 FINRA Arbitration Involving a $1,250,000 Investment
A fourth pending FINRA arbitration, docket number 25-02133, was filed on October 7, 2025, and received on October 21, 2025. The claim relates to investment activity in September 2021 while Kangas was associated with WealthForge Securities, LLC.
The claimant alleges fraud, lack of suitability, misrepresentations or omissions, negligence, breach of fiduciary duty, and breach of contract. The product type is listed as a private placement. Although the alleged damages field lists $0, the disclosure explains that the claimant’s investment amount was $1,250,000 and that the claimant seeks compensatory damages in an amount to be determined by the arbitration panel, along with benefit-of-the-bargain damages, lost opportunity costs, model portfolio damages, attorney’s fees, costs, and prejudgment interest.
The broker statement says the investor completed a 1031 exchange into a diversified portfolio of nine DST replacement properties intended to align with objectives including diversification, passive income, and depreciation benefits. The statement further says distributions on three DSTs were reduced and later suspended after sponsor management changes and market pressures.
Summary of Reported FINRA Disclosures
- Customer Dispute — Pending: FINRA docket number 26-00648; filed March 23, 2026; alleged damages of $1,000,000; allegations include negligence, lack of suitability, fraud, lack of due diligence, misrepresentation, failure to supervise, omissions, breach of contract, and breach of fiduciary duty; disposition: pending.
- Customer Dispute — Pending: FINRA docket number 26-00476; notice served March 16, 2026; alleged damages of $150,000; allegations include negligence, lack of suitability, fraud, lack of due diligence, misrepresentation, omissions, breach of contract, and breach of fiduciary duty; disposition: pending.
- Customer Dispute — Pending: FINRA docket number 26-00388; notice served March 2, 2026; alleged damages of $300,000; allegations include negligence, lack of suitability, fraud, lack of due diligence, misrepresentation, omissions, breach of contract, and breach of fiduciary duty; disposition: pending.
- Customer Dispute — Pending: FINRA docket number 25-02133; filed October 7, 2025; investment amount of $1,250,000; allegations include fraud, lack of suitability, misrepresentations or omissions, negligence, breach of fiduciary duty, and breach of contract; disposition: pending.
To obtain a copy of David Andrew Kangas’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Here are the FINRA Rule links inserted:
FINRA Rule 2111 addresses suitability and requires a broker to have a reasonable basis to believe a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile. In the pending complaints involving Kangas, investors allege lack of suitability in connection with private placements, DST replacement properties, 1031 exchange investments, and a notes offering. In that context, a suitability analysis may focus on whether the recommended investments matched the investors’ objectives, liquidity needs, risk tolerance, investment experience, tax considerations, concentration levels, and need for income.
FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. The pending complaints involving Kangas allege fraud, misrepresentation, omissions of material facts, negligence, breach of fiduciary duty, and breach of contract. In that context, Rule 2010 may be relevant because alleged misconduct involving misleading statements, incomplete risk disclosures, or unfair sales practices can implicate a broker’s broader obligation to deal fairly with customers.
FINRA Rule 3110 requires brokerage firms to establish and maintain a supervisory system reasonably designed to achieve compliance with securities laws and FINRA rules. One of the pending complaints specifically alleges failure to supervise, and the other claims involve complex private placements where due diligence, risk review, product approval, and supervision of recommendations may be important issues. In that context, Rule 3110 may be relevant to whether the brokerage firm reasonably supervised the sale of DSTs, notes, and other private placement investments to customers.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
