Bill Hightower Barred, Involved In Investor Lawsuits

Broker Bill Hightower Barred By SEC And Faces Investor Lawsuits

The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker William Andrew Hightower who is known as Bill Hightower (CRD#: 2152369, Houston, Texas). It is not commonplace for brokers to have 12 disclosures on their BrokerCheck record like Hightower has. Namely, 10 of those disclosures concern investor disputes. Also, the United States Securities and Exchange Commission (“SEC”) barred Hightower as a securities broker and financial advisor. Here’s more.

SEC Bars Bill Hightower In May 2020

SEC barred Bill Hightower in various capacities including as securities broker and financial advisor per a May 26, 2020 Order. Apparently, Hightower was president of an unregistered private company, Hightower Capital Group (“HCG”), and he worked for Legacy Asset Securities and Legacy Asset Management. Evidently, Hightower pleaded guilty to two counts of wire fraud involving his actions while registered at those firms.
Specifically, one of the wire fraud counts alleged that Bill Hightower transferred $900,000 from an investor to HCG. The second count alleged that Hightower transferred an investor’s $800,000 to Hightower’s account so that he could pay for his lifestyle. Also, Hightower used investors’ money to pay other investors. SEC reports that Bill Hightower agreed to an entry of an Order Imposing Money Judgment in the amount of $9,500,000. SEC barred Hightower for his fraud.

UBS Financial Services Client Indicates That Hightower Sold Fraudulent Non-UBS Investments

Evidently, a client of UBS Financial Services took aim at Bill Hightower via a December 2019 FINRA Arbitration Action. In this matter, the client indicated that Hightower was their financial advisor and invested their money in fraudulent investments. Those investments reportedly include a private annuity. Because of this, UBS Financial Services settled this matter on October 26, 2020 through paying the client $200,000.

UBS Settles Client’s Lawsuit About Bill Hightower For $975,000

In a second lawsuit, a UBS Financial Services client indicated that Bill Hightower gave bad advice. Specifically, Hightower allegedly caused the client to invest in a private annuity and to invest in a company that Hightower controlled. It is possible that the client is referring to Hightower Capital Group. Supposedly, Hightower forged documents and moved the client’s money to another account which Hightower maintained control over. For this reason, UBS Financial Services settled this matter through making a $975,000 payment to the client on November 5, 2020.

Arbitrators Order UBS To Compensate Client Who Invested Through Hightower

Other allegations against Bill Hightower include that he liquidated accounts without authorization, directed clients’ assets into his companies without their knowledge or consent, and used deceptive and unlawful tactics to obtain investor funds.
In fact, FINRA Arbitrators issued a 2019 Award ordering UBS to pay a client more than a half million dollars for violations of Texas securities statutes and for a host of sales practice violations. Supposedly, Hightower induced this UBS client’s purchases of Isospec Technologies, LP and Reproductive Research Technologies. Notably, the client indicated that those private placements constituted Ponzi Schemes. Also, the client indicated that Hightower stole the client’s money for a private annuity.

Losses From Bill Hightower?

Bill Hightower denies allegations of his sales practice violations. Have you experienced losses by investing with securities broker Hightower? 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 firms and financial advisors.