William Campbell Faces Allegations Over Unsuitable Investments

Investors might have received losses because of securities broker William Lee Campbell [CRD: 1180015, White Plains, New York], according to disclosures on FINRA BrokerCheck. According to the regulator, Campbell worked for David Lerner Associates Inc. from October 14, 2002, to May 18, 2023. Keep reading to learn more about the securities broker’s disclosures.

FINRA Sanctioned Campbell For Unsuitable Investment Recommendations

Particularly, on October 22, 2024, FINRA issued Case: 2019063686209 sanctioning William Campbell. Specifically, Campbell was suspended for nine months and ordered to pay disgorgement of $28,904.40, as well as a civil and administrative penalty of $10,000.

Also, FINRA alleged that Campbell recommended that five investor households invest in limited partnerships formed to acquire and develop oil and gas properties without having a reasonable basis to believe the investments were suitable for the investors based on their investment profiles. Supposedly, each limited partnership's primary objectives included making distributions to investors and, five to seven years after the termination of each offering, engaging in a liquidity event. Each limited partnership's ability to make distributions to its partners and engage in a liquidity event was dependent on the performance of the oil and gas properties in which the partnership invested.

According to the regulator, the investor households, which included multiple seniors, were all seeking low-risk investments to provide monthly income. Campbell received $28,904.40 in commissions from the households' investments in the energy limited partnerships. As part of the resolution, Campbell consented to the sanctions and the entry of findings, without admitting or denying the allegations. His suspension is effective from October 22, 2024, through July 21, 2025.

David Lerner Associates Inc. Investor Accused William Campbell of Breach of Contract

Specifically, a David Lerner Associates Inc. client filed FINRA Arbitration No. 22-00503 about William Campbell. Supposedly, Campbell made unsuitable recommendations, made misrepresentations of material fact, and breached a contract. Because of this, the client allegedly sustained damages on mutual funds, including 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.

Campbell Disclosed Unsuitable Advice Allegations by David Lerner Associates Inc. Client

Notably, 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. It appears that Campbell allegedly 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. The complaint was denied on October 7, 2020.

David Lerner Associates Inc. Investor Accused William Campbell of Breach of Fiduciary Duty, Failure to Supervise

Also, a David Lerner Associates Inc. client filed FINRA Arbitration No. 19-01447 about William Campbell. The client alleged that Campbell made unsuitable recommendations, made misrepresentations, omitted facts, breached his fiduciary duty, and failed to supervise certain representatives. Because of this, the client allegedly sustained damages on mutual funds and private placements. Therefore, on June 13, 2022, David Lerner Associates Inc. settled this matter by paying the client $70,000 in damages.

Campbell Disclosed Negligence Allegations by David Lerner Associates Inc. Client

Specifically, a client of David Lerner Associates Inc. contested William Campbell’s sales practices by filing FINRA Arbitration No. 13-01586. Allegedly, Campbell breached his fiduciary duty, violated FINRA rules, made unsuitable recommendations, breached a contract, was negligent, made misleading statements, omitted material facts, and violated Section 12(a)(2) of the Securities Act of 1933. It appears that Campbell caused the client to sustain damages on real estate securities. Therefore, David Lerner Associates Inc. opted to settle the matter on April 6, 2014.

Were You Impacted By Securities Broker William Campbell?

Are you looking for more information about William Campbell? If you incurred losses, get in touch with Soreide Law Group online or at (888) 760-6552 and consult with a securities attorney concerning a possible recovery. Soreide Law Group has recovered losses for investors throughout the country, represents clients on a contingency fee basis, and advances all costs. Campbell and brokerage firm David Lerner Associates Inc. deny accusations of sales practice violations.