Capital Financial Services, Inc. broker William Byrd (CRD# 1334634) is alleged to make unsuitable recommendations resulting in investment losses. Byrd has been the subject of five customer complaints between 2014 and 2019, one of which was denied, according to his CRD report:
- March 2019. “Claimant Alleges That They Were Sold Unsuitable Concentrated Mutual Fund Transactions And Products, Lacking Any Reasonable Investment Strategy, Designed Solely to Maximize Commissions.” The customer is seeking $300,000 in damages and the case is currently pending. This case is regarding mutual funds.
- January 2017. “Claimant alleges representative made unsuitable investments ignoring claimant’s changing circumstances. Claimant further alleges the representative made material misrepresentations regarding the recommended investments.” The customer sought $100,000 in damages and the case was settled for $42,000. This case was regarding mutual funds.
- June 2016. “Claimant alleged the rep made unsuitable recommendations, misrepresented investments and breached his fiduciary duty.” The customer sought $65,000 in damages and the case was settled for $42,500. This case was regarding Unit Investment Trusts (UITs).
- October 2014. “The client’s have alleged Mr. Byrd made unsuitable recommendations which resulted in investment losses. The alleged activity period occurred August 2010 until settlement, December 7, 2015.” The customer sought $86,400 in damages and the case was settled for $83,500. This case was regarding mutual funds and common and preferred stocks.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Capital Financial Services, Inc. may be liable for investment or other losses suffered by Byrd’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.