Financial Industry Regulatory Authority (FINRA) BrokerCheck contains three disclosures regarding securities broker William Forrest Winchester III (Bill Woods) (CRD#: 4404327, Chattanooga, Tennessee). Notably, Tennessee Securities Division reportedly sanctioned Woods for allegedly failing to disclose loans with Raymond James clients. It appears that Raymond James terminated Woods as a securities broker amid allegations of his loan arrangements. Moreover, a client disputed the securities broker’s sales practices. Here’s more.
Evidently, in June 2020, Tennessee Securities Division issued a Consent Order containing sanctions against Woods for allegedly concealing three loans provided to him by Raymond James Financial Services clients. Evidently, Woods did not tell Raymond James Financial Services about the loans when he completed compliance questionnaires, violating company policy. It appears that Woods agreed to pay a $45,000 fine and be placed on heightened supervision as a securities broker for at least three years.
Specifically, Raymond James Financial Services disaffiliated with Woods in February 2020. The securities firm alleges that Woods’ loan arrangements consisted of one business loan and two personal loans. Purportedly, multiple clients arranged these loans. Raymond James Financial Services also indicated that with one of the arrangements, a promissory note was executed relating to Woods’ role as executor of the estate of a client’s father.
Notably, a client of Raymond James Financial Services filed a FINRA Arbitration Claim against Woods. In the April 2018 matter, the client first alleges breach of fiduciary duty and breach of contract by Woods. Secondly, they allege negligent hiring and negligent supervision by Raymond James Financial Services. Thirdly, Woods supposedly caused an excessive turnover in the client’s account. Further, the securities broker is accused of negligence, selling away (private securities transactions), and violating FINRA rules. For this reason, the client received $7,500 to resolve this matter in January 2020.
Did securities broker Woods cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Woods denies all allegations of his sales practice violations.
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