Soreide Law Group is currently investigating potential claims on behalf of investors who have incurred losses due to the actions of Billy Pascal Stanage Jr. (also known as Billy P. Stanage) (CRD: 4450674, Rio Rancho, New Mexico). Stanage worked for Commonwealth Financial Network from December 4, 2019, to March 7, 2023. He previously worked for Securities America, Inc. from December 8, 2016, to November 29, 2019. Evidently, Stanage served in the capacity of both a securities broker and financial advisor. And on July 10, 2023, FINRA sanctioned Stanage for failure to provide requested documents and information. Namely, he was permanently barred from the industry in all capacities.
FINRA Sanctioned Stanage For Failure To Provide Requested Documents
Particularly, on July 10, 2023, FINRA issued Case: 2023078100501, barring Billy Stanage for specific infractions. FINRA alleged that Stanage refused to provide documents and information in connection with its investigation regarding his termination from Commonwealth Financial Network. The securities firm disclosed he had engaged in an unauthorized outside business activity. It later disclosed that he obtained a loan from a client without firm approval, as noted in an amended Form U5. Evidently, the action, initiated on July 10, 2023, affects Stanage in all capacities indefinitely.
Securities America, Inc. Investor Accused Billy Stanage Of Misrepresentation
Also, on June 26, 2023, a Securities America, Inc. client filed a complaint about Billy Stanage Specifically, the client alleged that Stanage misrepresented a universal life policy as a long term care policy and arranged for premiums, which the client couldn't afford, to be paid from her investment account. Therefore, the client supposedly sustained damages related to insurance products and requested $96,000 in compensation either from Securities America, Inc. or Stanage. Notably, the complaint was denied on June 27, 2023.
Commonwealth Financial Network Disaffiliated With Stanage For Failure To Obtain Approval For Outside Business Activity
Also, on February 23, 2023, Commonwealth Financial Network disaffiliated with Stanage. Specifically, the firm alleged that Stanage failed to secure firm approval for an outside business activity and borrowed client funds without permission.
Have You Incurred Losses Through Billy Stanage?
Did you experience losses because of Billy Stanage? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has assisted investors throughout the United States, works on a contingency fee basis, and advances all costs. Stanage and brokerage firms he worked for deny accusations of sales practice violations.
