Soreide Law Group provides you with this Investor Alert in regard to securities broker Scott D. Williams (CRD#: 2330693, Franklin Tennessee). Notably, the Financial Industry Regulatory Authority (“FINRA”) reports that the securities broker, who worked for firms Raymond James (2011 to 2017) and LPL Financial (2017 to 2018), is targeted in multiple investor disputes alleging sales practice violations. It is possible based on these disputes that Williams may have caused investors to experience losses or damages. Here’s more about these investor disputes.
Apparently, a Raymond James Financial Services client took issue with Scott Williams’s sales practices. That client filed a lawsuit in June 2020 primarily to allege unsuitability. Specifically, the client alleged that Williams recommended unsuitable equities. Supposedly, Williams possibly overconcentrated the client in stocks when this ran contrary to the client’s suitability profile. For this reason, Raymond James opted to settle with the client by paying $125,000. Accordingly, this matter closed in February 2021.
Reportedly, a client of LPL Financial contested Scott Williams’s actions by bringing a FINRA Arbitration Claim in February 2019. Supposedly, Williams churned the client’s account. It seems that Williams’s excessive trades netted him high commissions from 2017 to 2018. In addition, the client alleged that the securities broker made unsuitable penny stock trades. Because of this, LPL Financial opted to pay the client $61,050. It seems that the securities broker personally contributed $20,000 in this settlement.
Also, LPL Financial disaffiliated with Williams for using discretion. It appears that he made discretionary trades without having some form of client authorization.
Moreover, in a prior dispute from 2009, a Hilliard Lyons client indicated that Scott Williams did not obey the client’s instructions. Specifically, the client purportedly told Williams not to let the client’s account value fall under a particular value. It seems that the client invested in multiple products at the time. However, Hilliard Lyons denied this claim.
FINRA BrokerCheck indicates that Scott Williams denies all accusations of sales practice misconduct. Have you lost money because of this broker? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions for investors who have unreasonably suffered losses at the hands of their financial advisors or securities brokers.
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