Erez Law Investigates Center Street Securities, Inc. Broker Roy Williams Sr.
Posted on Tuesday, September 22nd, 2020 at 7:53 pm
Did you lose money investing with Center Street Securities, Inc. broker Roy Williams Sr. (CRD# 1069297)? Williams has been registered with Center Street Securities, Inc. in Stratford, Connecticut since 2016.
In April 2016, FINRA sanctioned Williams to a $5,000 civil and administrative penalty and fine and suspended him for 15 days after he, “consented to the sanctions and to the entry of findings that he caused his member firm to fail to maintain books and records when he utilized an outside email address to send securities-related email without informing his firm. The findings stated that as a result, several securities-related emails were not captured or retained by Williams’ firm. The findings also stated that Williams sent an email related to a customer’s investment from an outside email address to his firm’s supervisor and wrote, “I am writing on this email so as not to be FINRA reviewed.” Thereby, Williams sent this email with the stated intention of avoiding FINRA oversight. Later review of Williams’ outside email accounts uncovered that he utilized this same outside email address to send the said securities-related emails and that this outside email address was not disclosed to the firm.”
Williams has been the subject of seven customer complaints between 2016 and 2020, one of which was denied, one was closed without action, and one was withdrawn, according to his CRD report. Recent complaints are regarding:
May 2020. “Client claiming not enough due diligence and unsuitable.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint was regarding alternative investments and took place while Williams was registered with Center Street Securities, Inc.
November 2017. “2014–SEC began investigation into UDF REITs. Purchased by client in 2013.” The customer sought $100,000 in damages and the case was settled for $25,000. The complaint was regarding alternative investments and took place while Williams was registered with EDI Financial Inc.
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, Center Street Securities, Inc. may be liable for investment or other losses suffered by Williams’ 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.