William Savary Fined, Involved In Investor Complaint

Soreide Law Group is looking into possible investor claims on behalf of those who incurred losses through securities broker William Savary [CRD: 1069141, Gig Harbor, Washington]. Evidently, Savary joined Abraham Securities Corporation on August 12, 2021. He previously worked for Spencer-Winston Securities Corporation from October 3, 2019, to July 23, 2020. Keep reading to learn more about the disclosures involving Savary, which include FINRA sanctions and investor disputes.

FINRA Sanctioned Savary For Unauthorized Private Securities Transactions

On November 2, 2023, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2022074468401 sanctioning William Savary for infractions. FINRA alleged that Savary executed securities purchases totaling $1,746,309 in another individual’s brokerage account, held away from his employer, over which he had discretionary authority.

Notably, Savary entered into a written trading authorization agreement with the account owner that granted him full authority over the brokerage account. Supposedly, he accessed the account online, using the owner's username and password, and effected securities transactions. Evidently, for his management of the account, Savary received $234,532 in compensation from the account's owner. However, he did not disclose these securities transactions to Spencer-Winston Securities Corporation and Abraham Securities Corporation. Therefore, the broker violated FINRA rules on private securities transactions. The sanctions ordered included a one-year suspension in all capacities, starting from December 4, 2023, to December 3, 2024, and a fine of $5,000, which was paid by Savary on December 6, 2023.

William Savary Disclosed Breach Of Contract And Negligence Allegations By Global Trading Group Inc. Client

Also, a client of Global Trading Group Inc. contested William Savary's sales practices by filing FINRA Arbitration No. 09-04019. Notably, the client alleged breach of fiduciary duty, breach of contract, negligent misrepresentation, and negligence. The client incurred damages on stocks and option. Therefore, FINRA Arbitrators issued an Award dated July 30, 2010, compelling Global Trading Group Inc. and Savary to compensate the client in the amount of $226,419.59.

Monarch Financial Corporation Of America Investor Accused Savary Of Sales Practice Violations

Additionally, a Monarch Financial Corporation of America client filed FINRA Arbitration No. 97-00873 about William Savary. Evidently, the client alleged that Savary engaged in churning and breach of fiduciary duty. Because of this, the client allegedly sustained damages on stocks, options, and over-the-counter equities. Therefore, on March 20, 2000, a FINRA Arbitration Panel issued an Award ordering Monarch Financial Corporation of America and Savary to pay the client $119,250 in damages.

Did You Sustain Losses Because Of Securities Broker William Savary?

Did you experience damages because of securities broker / financial advisor William Savary? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Savary and brokerage firms he worked for deny accusations of sales practice violations.