Former Parkland Securities, LLC Broker William Frier Accused of Recommending Leveraged ETFs
Posted on Friday, July 3rd, 2020 at 8:31 am
There are options for clients of former Parkland Securities, LLC broker William Frier (CRD# 1029781) who suffered investment losses. Frier was registered with Parkland Securities, LLC in Colorado Springs, Colorado from 2012 to 2017. Previously, Frier was registered with LPL Financial LLC in Colorado Springs, Colorado from 1989 to 2012, when he was terminated regarding, “Violation of the firm’s document signature policy.”
In February 2020, the state of Missouri bought allegations against Frier regarding, “Frier transacted business in the State of Missouri without being registered or exempt from registration in violation of Section 409.4-404(a). Frier was sanctioned to a $20,000 monetary penalty.
In January 2020, the state of Colorado sanctioned Frier alleging, “Failure to fully disclose use of, and the significant risks in, trading inverse and leveraged exchange traded funds placed in the accounts of his customers, in violation of Rule 51-4.8(IA).” The sanction further explained, “Retain a compliance consultant for a period of two years to review the advisory business of the respondent and to develop supervisory procedures pertinent to the analysis, monitoring and risk disclosures related to trading strategies and complex products, including trading in inverse and/or leveraged exchange traded funds, and to perform two annual reviews/analyses of all client accounts utilizing complex products such as inverse and/or leveraged exchange traded funds for consistency with client objectives and the security’s prospectus, the respondent’s journal, supervisory procedures manual and disclosure documents, including Form ADV Part 2.”
Frier has been the subject of one customer complaint, according to his CRD report:
February 2019. “Customers, a couple, questioned losses in jointly-managed accounts between Jan. 1, 2018 – Dec. 31, 2018. Losses allegedly were due to investments in leveraged ETF’s for a portion of portfolio.” The case is currently pending. The complaint was regarding leveraged ETFs and took place while registered with Frier Planning Concepts (Pathway Advisers Group) of Colorado Springs, Colorado.
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, Parkland Securities, LLC may be liable for investment or other losses suffered by Frier’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.