Were You a Victim of Former Titan Securities Financial Advisor Walter Parker?
Posted on Saturday, June 23rd, 2018 at 9:18 am
Erez Law is currently investigating former Titan Securities (USA) financial advisor Walter Parker (CRD# 2131232) regarding unsuitable investment recommendations. Parker was registered with Titan Securities in Rowlett, Texas from 2006 to March 2018. Titan Securities, Texas USA is not affiliated with Titan Securities, Perth Western Australia.
In May 2018, Parker was sanctioned to $7,500 in civil and administrative penalties and fines and suspended from FINRA for one month after he consented to the sanctions and to the entry of findings that he made investment recommendations to a customer that were not suitable given her age, risk tolerance, financial experience and liquidity. “The findings stated that the customer had little prior experience investing and no experience investing in alternative investments. Immediately upon opening her account, Parker recommended that the customer invest her funds into illiquid, alternative investments. The source of these funds was the customer’s retirement account. The customer suffered significant losses in the alternative investments. She claimed that as a result of her investment losses she was forced to obtain full-time employment. The customer later entered into a settlement with the member firm and Parker to compensate her for her losses in the accounts.”
Parker has been the subject of seven customer complaints between 2015 and 2017, one of which was closed without action, according to his CRD report:
November 2017. “Claims both UDF & ARC NYC investments were unsuitable for client. UDF IV purchased 7/18/2011 (states UDF was unsuitable for any investor and not individualized.) ARC NYC purchased 6/5/2014. States this investment is now irredeemable.” The customer is seeking $54,328.54 in damages and the case is currently pending.
October 2017. “Suitability.” The customer is seeking $300,000 in damages and the case is currently pending.
May 2017. “Unsuitable product, client states that he did not understand that the product was illiquid.” The customer sought $37,119 in damages and the case was settled for $37,119.
August 2016. “Unsuitable product, client states that he did not understand inherent risks and that the product was illiquid.” The case was settled for $70,000.
July 2016. “Unsuitable product, client states that he did not understand inherent risks and that the product was illiquid.” The customer sought $50,000 and the case was settled for $16,500.
November 2015. “Unsuitable Investment / Misrepresentation of Investment.” The customer sought $211,974.64 in damages and the case was settled for $60,000.
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, Titan Securities may be liable for investment or other losses suffered by Parker’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.