Soreide Law Group is closely reviewing possible investor claims against securities broker William “Bill” Louis Baumner IV (CRD#: 2298690, Boca Raton, Florida). Baumner spent 2010 to 2017 at Buckman, Buckman Reid, who disaffiliated with him for not following company policy on client correspondence. Namely, 14 or more investors have filed disputes about his sales practices. Here’s a closer look at the recent disputes which suggest that Baumner caused those investors to experience losses.
Apparently, in May 2020, a client of Buckman brought a lawsuit over Bill Baumner’s actions. First of all, the client alleged that Baumner provided unsuitable investment recommendations. Secondly, he supposedly breached “regulatory requirements” and a fiduciary duty to the client. Thirdly, Baumner allegedly acted with “gross negligence” as it pertained to securities offered through private placements. Finally, the client suggested that the broker’s actions demonstrated a breach of contract. For these reasons, the client demanded $50,000 from Buckman or Baumner in this ongoing matter.
Evidently, FINRA BrokerCheck reports a second dispute in May 2020 from a Buckman client. In this FINRA Arbitration Claim, the client indicated that Bill Baumner breached a fiduciary duty and did not follow the terms of an investment agreement. Moreover, he allegedly failed to consider the client’s goals, risk tolerance, or at least one of the suitability factors when making recommendations. For losses sustained on private placements, the client seeks compensatory relief of $67,000. Apparently, this matter is ongoing.
Notably, a third client of Bill Baumner brought suit over his sales practices. Mainly, the client complained about negligence with respect to private placements. Also, the broker purportedly failed to comply with his fiduciary responsibility to the client. He may not have offered private placements which were compatible with the client’s interests. For this reason, the client demands $1,550,000 in this ongoing matter.
Notably, FINRA shows that clients have been complaining about Bill Baumner since 1998. In those prior disputes, clients took issue with Baumner’s sales of private placements. In addition, one or more clients indicated that Baumner sold misrepresented investments.
All of the aforementioned investor disputes and allegations contained therein are disputed by Bill Baumner.
Have you experienced losses by investing with Bill Baumner? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers and financial advisors.
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