Former First Allied Securities, Inc. Financial Advisor William Robertson Has $22 Million Pending Customer Complaint for Unsuitable Investment Recommendations
Posted on Saturday, June 2nd, 2018 at 11:57 am
Were you the victim of former First Allied Securities, Inc. financial advisor William Robertson (CRD# 823461)? Robertson was with First Allied Securities, Inc. in Deer Park, Texas from 2000 to 2016.
Robertson has been the subject of four customer complaints between 2000 and 2018, one of which was denied, according to his CRD report:
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 is seeking $22 million in damages and the case is currently pending.
July 2009. “Clients alleged churning, unauthorized trading, unsuitability & reckless use of margin by first allied securities. Alleged activity took place between February 2008 to April 2009.” The customer sought $165,210.37 in damages and the case was settled for $110,000.
October 1990. “Misrepresentation regarding the risk of & unsuitable recommendations of several mutual funds & limited partnerships. Claimed damages were $75,000.” The case was settled for $45,000.
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 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.