`

Regulators sanction investment broker with fine, suspension

February 20, 2017

Financial industry regulators have sanctioned an Indianapolis investment broker by issuing a $7,500 fine and suspending him for four months.

The Financial Industry Regulatory Authority, or FINRA, reported this month that it had issued the sanctions against broker David Girton for failing to report numerous civil judgments and state tax liens against him.

Girton signed a settlement letter in which he agreed to accept the sanctions without admitting or denying FINRA’s findings. His suspension began Jan. 3 and runs until May 2. 

Between 2012 and 2014, four separate parties obtained judgments against Girton in Marion County Superior Court. The judgments ranged from $2,500 to $80,000.

The Indiana Department of Revenue filed two state tax liens against Girton in 2015, each for about $3,000.

Girton did not disclose the judgments or tax liens to regulators within 30 days, which is a violation of FINRA regulations, FINRA said.

Girton eventuallty disclosed the judgments and liens in 2015 and 2016, “only after FINRA staff requested that he do so,” FINRA said in the settlement letter.

FINRA records show that Girton was registered with Andes Capital Group LLC of Chicago in 2012-2013 and with Indiana Merchant Banking and Brokerage Co. of Indianapolis from 2013-2015. Girton was CEO, president and chief compliance officer at Indiana Merchant, which FINRA expelled from the securities industry in December 2015 after it failed to pay $6,100 in fines stemming from an earlier FINRA settlement.

From September 2015 through the end of 2016, Girton worked for Security Capital Brokerage Inc. in an Indianapolis office. FINRA records show the firm is based in Atlanta. A man who answered the phone for Security Capital Brokerage in Atlanta said it does not have any associated brokers in Indiana.
 
IBJ was unable to locate Girton for comment on Monday, and attempts to call Security Capital Brokerage’s Indianapolis office were unsuccessful.
 

ADVERTISEMENT

Recent Articles by Susan Orr

Comments powered by Disqus