Great American Investors Clients Allegedly Receive Bad Advice From Broker Bill Baum

Soreide Law Group is looking into potential investor disputes against securities broker William “Bill” Baum [CRD#: 1528847, Overland Park, Kansas]. Apparently, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that at least 8 clients took issue with the securities broker, who joined Great American Investors in 2001. Notably, Great American clients indicate that Baum sold unsuitable and misrepresented investments. Check out this brief summary of the disclosures concerning Baum:

Bill Baum Allegedly Recommends Unsuitable Investments To Great American Client

Evidently, a client of Great American contested Bill Baum by bringing FINRA Arbitration Claim #: 19-01287 on May 13, 2019. Apparently, Baum recommended an unreasonable and aggressive trading strategy from 2008 to 2019. It seems that he did not act in the client’s best interests. Apparently the OTC equities, options and other aggressive investments caused the client to incur losses. As a result, Great American agreed to resolve the matter on November 22, 2019 through paying the client a total of $52,500.

Great American Client Indicates Baum Failed To Disclose Risks Of Investments

Apparently, a client of Great American took aim at Bill Baum via a complaint dated September 10, 2019. Allegedly, the securities broker concealed conflicts of interests and risks of investing in risky OTC equities, penny stocks or options. Not only that, but the securities broker seemingly sold the client inappropriate investments from 2014 to 2017. For this reason, Great American opted to settle the dispute on November 19, 2019 through making a $20,000 payment.

FINRA Sanctions Bill Baum For Violating Communication Rules

Notably, on July 25, 2017, FINRA issued AWC #: 2015048070901 sanctioning Bill Baum for violating FINRA Rule 2010. Specifically, the financial industry watchdog suspended him from August 21, 2017 and September 19, 2017 and also fined him for purportedly engaging in private, unsupervised conversations with up to 16 clients about investment strategies. It appears that he violated the firm’s policy on business correspondence and that he was untruthful about his actions.

Baum Allegedly Mismanages Great American Client’s Account

Apparently, on March 21, 2016, a Great American client filed FINRA Arbitration Claim #: 16-00664 concerning Bill Baum. Mainly, the client contended that Baum mismanaged the client’s account causing the client to experience investment losses. For this reason, on March 17, 2017, Great American settled this matter by way of paying the client $112,500.

Losses From Great American Securities Broker Bill Baum?

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Have you experienced losses by investing with Bill Baum? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Baum.