William Charlton Mays (CRD #2693626, Corpus Christi, Texas)
was barred by FINRA and ordered to pay $10,000, plus interest, in restitution to a client for allegedly converting and misusing a client’s funds for his own benefit.
FINRA’s findings stated that Mays received a $50,000 check after soliciting the cleint to invest in stocks and commodities. Mays used at least $30,968.58 of the client’s money for personal purposes. When the client requested the return of the investment principal, Mays told the client that he would not be able to return the money, but later repaid the customer $40,000 of his $50,000 investment.
Also, FINRA’s findings stated that Mays, while associated with his member firm, was a registered agent and sole member of an entity and failed to disclose this outside business activity to his firm.
FINRA’s findings also included that Mays willfully failed to timely disclose a federal tax lien in the amount of $67,032.57 on his Form U4. FINRA found that Mays failed to respond to FINRA’s requests for information and documents related to its investigation into whether he had misappropriated funds, operated a Ponzi scheme, and engaged in unapproved outside business activities.
(FINRA Case #2013036238801)
Bill Mays was registered in the securities industry for 14 years and was previously registered with the following securities firm(s):
01/2011 – 11/2011 SWS FINANCIAL SERVICES, INC. (CRD# 17587) – CORPUS CHRISTI, TX
04/2009 – 12/2010 SUMMIT BROKERAGE SERVICES, INC. (CRD# 34643) – CORPUS CHRISTI, TX
09/2004 – 04/2009 LPL FINANCIAL CORPORATION (CRD# 6413) – CORPUS CHRISTI, TX
11/2000 – 10/2004 FROST BROKERAGE SERVICES, INC. (CRD# 17465) – SAN ANTONIO, TX
11/1998 – 11/2000 AXA ADVISORS, LLC (CRD# 6627) – NEW YORK, NY
11/1998 – 01/2000 THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES (CRD# 4039) – NEW YORK, NY
02/1997 – 04/1998 PRUCO SECURITIES CORPORATION (CRD# 5685) – NEWARK, NJ
08/1996 – 11/1996 H.J. MEYERS & CO., INC. (CRD# 15609) – ROCHESTER, NY
FINRA expelled the firm in 03/1999
The above summation obtained on FINRA’s Website under “Disciplinary and Other Actions February 2015” ends here.
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