Were you the victim of former First Allied Securities, Inc. broker William Robertson (CRD# 823461) who is accused of unsuitable investment recommendations? Robertson was with First Allied Securities, Inc. in Deer Park, Texas from 2000 to 2016.
Robertson has been the subject of six customer complaints between 2000 and 2021, one of which was denied, according to his CRD report. The most recent complaints are regarding:
October 2021. “Claimant alleges his financial adviser recommended unsuitable investments. Claimant generally alleges misrepresentation, breach of duty and contract, and negligence.” The customer sought $100,000 in damages and the case was settled for $14,500.
September 2018. “Claimant alleges his former financial advisor recommended investments that were not suitable for him. Claimant generally alleges breach of fiduciary duty, breach of contract, negligence and failure to supervise.” The customer sought $75,000 in damages and the case was settled for $8,000.
January 2018. “Claimant alleges that, from approximately 2008 through June 2014, Claimants’ investment advisor recommended unsuitable investments and failed to disclose risks associated with Claimant’s investments. Claimants allege breach of fiduciary duty, misrepresentations, and failure to supervise.” The customer sought $22 million in damages and the case was settled for $3.5 million.
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, First Allied Securities, Inc. may be liable for investment or other losses suffered by Robertson’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.