Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
Complaint Against WILLIAM CARL WESTCOTT
The FINRA BrokerCheck report for WILLIAM CARL WESTCOTT (Bill Westcott) disclosed a complaint from an investor regarding an alleged unsuitable investment recommendation by the firm.
WILLIAM CARL WESTCOTT is a financial advisor/broker based in Tucson, Arizona, and is registered with LPL Financial as both a broker and an investment advisor.
The Investor Complaint
According to the FINRA BrokerCheck report, in 2023 an investor filed a complaint with the Financial Industry Regulatory Authority (FINRA). He alleged that WILLIAM CARL WESTCOTT made unsuitable recommendations regarding equity products and ETFs from Sept 2019 to Feb 2023.
The actual allegations from BrokerCheck states: "Claimant alleges that during the time period September 2019 to February 2023, representative made unsuitable investment recommendations."
The complaint was later settled in May 2024 for $190,000.00. Westcott responded in the Broker Comment, “I was not named as a Respondent in this customer complaint, and I made no monetary contribution to the settlement. I always strive to provide excellent tailored service to the customer.”
What Happens When Financial Advisors Violate Standards?
Financial professionals are held to the highest standards under the SEC and FINRA. When such advisors fail to adhere to these standards, they may face legal and financial repercussions, including penalties, fines, and restrictions on their ability to practice.
Soreide Law Provides Trusted Legal Support for Investors
If you feel you’ve suffered losses due to unsuitable recommendations by WILLIAM CARL WESTCOTT or any other broker/dealer, you have legal options.
To discuss this article or any other securities issues, reach out to us at Soreide Law Group. We understand the complexities involved in securities and investment disputes and work tirelessly to hold financial professionals accountable to ensure you receive the compensation you deserve.
Call us at 888-760-6552 to get a free consultation with an experienced securities lawyer.
Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
William Tunink (CRD: 2738224) settled a customer claim for $299,000 on August 11, 2026, according to his BrokerCheck report. The customer alleged that he obtained loans from the customer, and that some of the money went into an investment.
Tony Barouti (CRD: 3031995) faces a pending $230,400 customer claim, according to his BrokerCheck report. He says the allegations in it are false. His report also lists SEC administrative and cease-and-desist proceedings from August 2025.
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