William Weisbrod Sanctioned By New Jersey Bureau Of Securities, FINRA

Investors might have sustained losses due to William Henry Weisbrod [CRD: 812664, Fairfield, New Jersey], and FINRA and a New Jersey regulator barred the securities broker. Evidently, William Weisbrod worked for Purshe Kaplan Sterling Investments from April 27, 2009, to February 18, 2021. Keep reading to learn more about the disclosures surrounding Weisbrod’s professional conduct.

New Jersey Regulator Bars Weisbrod

Specifically, on November 15, 2023, the New Jersey Bureau of Securities sanctioned William Weisbrod. Specifically, Weisbrod’s registration as a securities agent was revoked. Notably, the New Jersey Bureau of Securities alleged that Weisbrod is the subject of an order of a self-regulatory organization expelling him from a self-regulatory organization for dishonest or unethical practices in the securities business. The broker is appealing this decision.

William Weisbrod Barred By FINRA For Breaching Fiduciary Duty

Evidently, on August 2, 2023, FINRA barred William Weisbrod. Allegedly, Weisbrod breached fiduciary duties owed to a community bank for which he served as a consultant and director. Weisbrod consented to FINRA’s findings that he directed the bank to engage in an investment strategy that not only generated revenue for him but also exposed the bank to unnecessary trading costs and excessive risk. This strategy supposedly involved recommending risky trading involving fixed-income securities. This reportedly caused the bank to incur over $1.85 million in additional costs and commissions.

Purshe Kaplan Sterling Investments Investor Accused Weisbrod Of Breach Of Fiduciary Duty

Also, a Purshe Kaplan Sterling Investments client filed a complaint about William Weisbrod. Supposedly, Weisbrod executed unsuitable transactions and breached his fiduciary duty. Therefore, the client allegedly sustained damages on asset-backed bonds. Consequently, on January 30, 2023, Purshe Kaplan Sterling Investments settled this matter by paying the client $425,000 in damages.

FINRA Fined William Weisbrod For Unsuitable Trading

Additionally, on January 14, 2009, FINRA issued Case: 20050003485101, sanctioning William Weisbrod. Notably, Weisbrod was fined $33,500, of which $23,500 represents disgorgement of commissions earned by Weisbrod on the unsuitable transactions entered in the investor's accounts. He was also suspended from association with any FINRA member in any capacity for two months.

Notably, FINRA alleged that Weisbrod recommended Class B mutual fund share transactions without having reasonable grounds for believing that the transactions were suitable.

Weisbrod Disclosed Breach Of Fiduciary Duty Allegations By Citigroup GMI Client

Particularly, a client of Citigroup GMI contested William Weisbrod’s sales practices, according to a complaint dated June 1, 2005. Allegedly, Weisbrod engaged in unsuitable trading and breached his fiduciary duties. It appears that Weisbrod allegedly caused the client to sustain damages on mutual funds. Therefore, the client sought compensatory relief from Citigroup GMI or Weisbrod in the amount of $120,000 in this matter. However, the securities firm denied this customer’s dispute.

Did You Sustain Losses Because Of William Weisbrod?

Experienced losses due to William Weisbrod? If so, get in touch with Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Weisbrod and the brokerage firms he worked for deny accusations of sales practice violations.