David Ross Stuart (CRD #857819, Medford, New Jersey)

November 20, 2023 – An AWC was issued in which Stuart was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Stuart consented to the sanctions and to the entry of findings that he shared commissions with an unregistered person who referred customers to Stuart for the purpose of opening brokerage accounts and effecting securities transactions. The findings stated that Stuart and the unregistered person jointly met with at least one customer to discuss investments. Stuart paid approximately $148,265 to the unregistered person in connection with transactions he effectuated in the accounts of the customers the unregistered person had referred. Prior to this point, FINRA barred the unregistered person from associating with any FINRA member in any capacity, and Stuart was aware that the individual was not registered. In addition, Stuart attested on annual compliance questionnaires that he understood that he was prohibited from directly paying securities or investment advisory compensation to unregistered individuals and falsely attested that he was not engaged in paying referral fees to anyone outside of his member firm. The suspension is in effect from November 20, 2023, through February 19, 2024. (FINRA Case #2023078996901)