March 8, 2021

William Athas Allegedly Churned Investor Accounts

Securities Broker William Athas Under FINRA Investigation

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) announced that it is investigating securities broker William Nicholas Athas (CRD#: 3165470, Melville, New York) as of September 2020 to determine if he sold unsuitable investments and churned his clients’ accounts. It is unclear whether this relates to Athas’s employment at KC Ward Financial (2014 to 2016), Worden Capital Management (2016 to 2020) or SW Financial (2020 to present).
Not only that, but at least nine investors have filed disputes regarding William Athas’s sales practices. These disputes contain allegations of Athas churning accounts and breaching his fiduciary duties to his clients. Here’s more on these alarming disclosures about Athas, and what you could do if you lost money or otherwise sustained damages because of the securities broker.

FINRA Investigates William Athas For Potentially Selling Investors Unsuitable Investments, Churning Their Accounts

The investigation into William Athas began in September 2020 according to FINRA BrokerCheck. First of all, the financial industry watchdog recommended disciplinary action against the broker in light of allegations that he violated securities laws and FINRA rules. Specifically, FINRA says that he may have churned accounts, excessively trading to generate commissions for himself. In addition, the securities broker purportedly made unreasonable recommendations. It is possible that Athas potentially failed to consider his clients’ investment objectives, risk tolerance or other suitability criteria.
Also, FINRA is investigating whether William Athas possibly recommended that his clients invest unreasonably large portions of their accounts in certain investments. Finally, the securities broker might have used margin for unsuitable purposes. Evidently, the investigation is ongoing. Critically, FINRA might bring a disciplinary action against the securities broker for purposes of sanctioning him.

Worden Capital Management Client Indicates That Athas Made Unsuitable Trades

Notably, a client filed a FINRA Arbitration Claim in May 2020 alleging that William Athas wronged them through excessively trading stocks in their account. Supposedly, Athas breached a contract and he failed to comply with his fiduciary responsibility. Further, the client alleged that Worden Capital Management negligently supervised the securities broker. Because of this, the client seeks compensatory relief of $84,932.35. This matter is awaiting a resolution as of March 4, 2021.

William Athas Purportedly Makes Unauthorized Trades, Acts In Breach Of Fiduciary Duty

Apparently, in January 2017, a client of KC Ward Financial filed a lawsuit about William Athas’s actions. First of all, the client alleged that Athas or KC Ward Financial violated Texas State Securities Act. Secondly, William Athas supposedly made negligent decisions and had breached both a contract and fiduciary duty. Thirdly, the client alleged that the securities broker misrepresented and omitted important investment-related information. Finally, Athas purportedly acted deceptively and made unauthorized trades. All things considered, KC Ward Financial opted to settle this matter by making a $95,000 payment to the client in February 2018.
Past disputes about Bill Athas allege that he made unauthorized and excessive trades in client accounts. For example, Athas was involved in a client dispute that primarily alleged that he engaged in unauthorized trading. Evidently, that client received $40,000 in a settlement.

Losses From Investing Through Securities Broker William Athas?Lars Soreide AVVO 2020 Top Lawyer

Apparently, Athas denies accusations of his sales practice violations. Have you incurred losses by investing with him? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 experienced losses because of their securities brokers and financial advisors.

Recent Posts

February 25, 2024
PFS Broker Michael Archimede Sanctioned, Involved In Investor Complaint

Investors might have sustained losses due to Michael Archimede [CRD: 5701306, Waukesha, Wisconsin], according to disclosures of regulatory sanctions and an investment dispute on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Archimede worked for PFS Investments Inc. in Waukesha, Wisconsin, from 2010 to 2023. Continue reading to learn more about the specific allegations made against Archimede. […]

February 24, 2024
SEC Brings Misappropriation Charges Against Jesus Rodriguez

Soreide Law Group is looking into possible investor claims on behalf of those who incurred losses through Jesus Rodriguez [CRD: 4888685, El Paso, Texas]. Rodriguez was previously registered as both a financial adviser and a securities broker, with past affiliations including Morgan Stanley in El Paso, Texas, where he was registered from June 1, 2009, […]

February 23, 2024
Daniel Snodgrass Disclosed FINRA Suspension And Client Disputes

Investors may have encountered losses due to Daniel Stephen Snodgrass [CRD: 4083817, Cherry Hill, New Jersey], as indicated by disclosures on the Financial Industry Regulatory Authority (FINRA) BrokerCheck. Snodgrass worked as both a financial advisor and securities broker with BCG Securities Inc. in Cherry Hill, New Jersey, from March 6, 2017, to July 18, 2023. […]

Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062
Helping clients recover money across the USA
Copyright © 2022 Soreide Law Group, PLLC  |  All Rights Reserved
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram