Soreide Law Group comes to you with new information regarding securities broker William Lief Collins (CRD#: 2787822, Birmingham, MI). Evidently, the Financial Industry Regulatory Authority (“FINRA”) indicates that Collins is a Morgan Stanley financial advisor (June 2010 to present) and Morgan Stanley securities broker (May 2010 to present). Notably, FINRA BrokerCheck shows that three investors filed complaints regarding Collins’s sales practices. These disputes collectively allege investor losses by way of unauthorized and excessive trading. Here’s more on those disclosures.
Evidently, a client of Morgan Stanley Smith Barney took aim at Bill Collins through an April 2020 FINRA Arbitration Claim. Specifically, the client contended that Collins made unauthorized trades in their account. It appears that the securities broker did not receive permission on certain stock or options trades. Supposedly, his unauthorized trading from March 2019 to April 2020 resulted in losses for this investor. For this reason, Morgan Stanley Smith Barney opted to settle this matter through making a $75,000 payment to the client. Accordingly, this matter settled February 2021.
It appears that Bill Collins worked for Wells Fargo Advisors before joining Morgan Stanley. In a second dispute reported on FINRA BrokerCheck which involved Collins, a client of Wells Fargo Advisors alleged excessive trading. Evidently, the securities broker is accused in this May 2017 dispute of excessively trading options. In addition, the client claimed that Collins made investments without their knowledge. However, Wells Fargo Advisors denied this complaint.
In a March 2016 dispute, Bill Collins’s Morgan Stanley Smith Barney client alleged unauthorized trading. Supposedly, Collins made the trades in the client’s brokerage and annuity account. It appears that those stock and annuity transactions caused the client to experience losses. Because of this, Morgan Stanley Smith Barney compensated the client in a November 2016 settlement.
Apparently, Bill Collins denies accusations of sales practice violations. Lost money by investing with this person? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with skilled 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 helped hundreds of clients across the United States in recovering losses caused by their securities brokers and financial advisors.
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