Investors potentially experienced losses due to securities broker William Lee Campbell [CRD: 1180015, White Plains, New York], according to disclosures on FINRA BrokerCheck. It appears that William Campbell worked for David Lerner Associates Inc. from October 14, 2002, to May 18, 2023. Keep reading to learn more about the client complaints and regulatory filings involving this securities broker.
On October 21, 2024, the Financial Industry Regulatory Authority (FINRA) finalized disciplinary action against William Campbell, a former General Securities Representative, in Case No. 2019063686209. As part of the resolution, Campbell received a nine-month suspension from associating with any FINRA member in any capacity, was fined $10,000, and ordered to pay back in commissions he earned through the conduct in question. This action was formalized through a Letter of Acceptance, Waiver, and Consent (AWC), which Campbell submitted without admitting or denying FINRA’s findings.
William Campbell was most recently registered with David Lerner Associates Inc. in White Plains, New York. He remained registered with the firm from October 2002 until May 18, 2023.
The disciplinary matter focused on Campbell’s actions between August 2015 and August 2017. During this period, he recommended that five different client households invest in limited partnerships created to acquire and manage oil and gas development projects.
According to FINRA, Campbell recommended complex, high-risk investment vehicles to clients whose investment needs and risk tolerance did not align with the nature of those products. These limited partnerships were designed as long-term, illiquid investments and carried a high degree of speculative risk. The returns depended heavily on the performance of oil and gas assets, and investors were cautioned in offering materials that the investments were appropriate only for those able to bear substantial losses.
However, Campbell advised clients who were either financially conservative or lacked investment experience to commit significant sums to these partnerships. Among the affected individuals were seniors seeking steady income and a 28-year-old client who was unemployed and inexperienced in financial matters. One elderly investor, aged 73 and retired, invested over $300,000. Another client, who had received a settlement from an injury, was advised to put $100,000 into one of the partnerships. FINRA found that Campbell earned more than $28,000 in commissions from these transactions.
By recommending these products without a reasonable basis to believe they suited his clients' investment profiles, Campbell violated FINRA Rule 2111, which requires brokers to tailor investment advice based on clients’ financial goals, experience, and tolerance for risk.
Specifically, a David Lerner Associates Inc. client filed FINRA Arbitration No. 22-00503 about William Campbell. The client alleged that Campbell made misrepresentations, made unsuitable recommendations, made omissions, and breached a contract. Because of this, the client allegedly sustained damages on mutual funds and investments in Energy 11 and Energy 12. Therefore, on October 16, 2023, David Lerner Associates Inc. settled this matter by paying the client $14,999 in damages.
Also, a client of David Lerner Associates Inc. contested William Campbell’s sales practices, according to a complaint dated August 11, 2020. Allegedly, Campbell made unsuitable recommendations. Supposedly Campbell caused the client to sustain damages on mutual funds. Therefore, the client sought damages from David Lerner Associates Inc. or Campbell in the amount of $95,380.76 in this matter.
Specifically, a David Lerner Associates Inc. client filed FINRA Arbitration No. 19-01447 about William Campbell. The client alleged that Campbell made misrepresentations, made unsuitable recommendations, made omissions of material fact, breached his fiduciary duty, and failed to supervise certain representatives. Because of this, the client allegedly sustained damages on mutual funds and private placements. As a result, in 2022, David Lerner Associates Inc. settled this matter by paying the client $70,000 in damages.
Are you looking for more information about William Campbell? If so, reach out to Soreide Law Group online or at (888) 760-6552 and speak with a securities attorney. Soreide Law Group has recovered losses for investors throughout the country. The firm works on a contingency fee basis and advances all costs. Campbell and brokerage firms Campbell worked for deny any allegations of sales practice violations.
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