Investigation of Former J.W. Cole Financial, Inc. Financial Advisor William Downing
Posted on Saturday, January 5th, 2019 at 8:06 am
Erez Law is interested in speaking with investors who may have suffered losses due to investments with former J.W. Cole Financial, Inc. financial advisor William Downing (CRD# 1529382). Downing was registered with Coastal Equities, Inc. in Wimberley, Texas from August 2017 to March 2018 and with J.W. Cole Financial, Inc. in Wimberley, Texas from 2012 to 2017. Previously, Downing was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Austin, Texas from 2010 to 2012, when he was terminated regarding, “(1) mismarking solicited trades as unsolicited (2) exercising discretion in certain client accounts and (3) communicating with an unauthorized third party.”
Downing was terminated once before from Morgan Keegan & Company, Inc. in Memphis, Tennessee regarding, “writing checks on wife’s account for deposit in my account at Morgan Keegan.”
In May 2018, FINRA barred Downing.
Downing has been the subject of four customer complaints between 2011 and 2018, one of which was denied, according to his CRD report. Recent complaints are regarding:
July 2018. “Between 2013 and 2018, customer alleges registered representative excessively traded client’s account.” The customer is seeking $1 million in damages and the case is currently pending. This case is regarding common and preferred stocks.
March 2018. “Clients alleged unsuitable and excessive trades were made by Registered Representative.” The customer sought $5,000 in damages and the case was settled for $385,000.
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, J.W. Cole Financial, Inc. may be liable for investment or other losses suffered by Downing’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.