David Tall, a longtime financial advisor, has been barred from the securities industry. According to InvestmentNews, this decision follows his discharge from Osaic for allegedly violating industry rules in the sale of promissory notes.

FINRA barred Tall after he failed to cooperate with its investigation, which was initiated following a regulatory tip about his conduct. According to a FINRA settlement, known as an Acceptance, Waiver and Consent ("AWC"), Tall chose not to respond to FINRA's inquiries.

Promissory notes, which are often scrutinized by securities regulators, have been identified as high-risk investments. In 2019, the North American Securities Administrators Association (NASAA) highlighted promissory notes and Ponzi schemes as leading threats to investors. NASAA has warned that short-term promissory notes, particularly those with durations of nine months or less that seem exempt from securities registration, are frequently associated with fraud.

Tall's BrokerCheck report reveals that he was terminated after Osaic confirmed he executed two promissory notes without obtaining prior approval from the firm. Selling unapproved products to customers is a violation of industry rules.