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Can I Recover Losses from Former National Planning Corporation Broker William Glaser?

Posted on Tuesday, January 16th, 2018 at 8:17 pm    

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Erez Law is currently investigating former National Planning Corporation broker William Glaser (CRD# 1274847) regarding selling away. Glaser was registered with National Planning Corporation in St. Albans Rd, Missouri from 2007 to 2017, when he was terminated regarding, “The firm received an arbitration claim containing allegations that the representative solicited a private investment away from the firm. Representative admitted to personally making a similar private investment that was not previously disclosed to or approved by the firm.”

According to public records, a former client of National Planning Corporation was ordered to pay $2.6 million to an elderly client who purchased fraudulent promissory notes, non-traded real estate investment trusts (REITs), and other unsuitable investments that were recommended by Glaser. 

In June 2019, the U.S. Attorney’s Office of the Eastern District of Missouri sentenced Glaser to 3 years in prison after he pled guilty to three counts of wire fraud. Glaser’s associate Paul Creager was sentenced to 6.5 years in prison following pleading guilty to two counts of wire fraud. “According to court records, Creager solicited over $4 million from multiple investors in exchange for equity interests in his construction firm.  Creager admitted that during his negotiations with the victims, he presented false financial records which omitted a massive debt owed by his company to a hard money lender which lender possessed a secured interest in virtually all of Creager’s business and personal assets.  Soon after receiving victims’ investments, Creager’s business was not able to meet its financial obligations and stopped operating.  By mid-2017, Creager’s primary lender foreclosed on virtually all of his assets rendering the investors’ equity stakes in his business worthless.  While Creager’s business was failing and his subcontractors and vendors went unpaid, Creager maintained a luxurious lifestyle which included homes in Wildwood and the Lake of the Ozarks as well as a host of vehicles including a Bentley automobile and a 52-foot yacht.

One of Creager’s associates, William Glaser, admitted to misleading and defrauding clients by cashing out money from their retirement portfolios to fund investments with Creager,” according to the Attorney’s Office. 

In September 2017, FINRA barred Glaser after he consented to the sanction and to the entry of findings that he refused to respond to FINRA requests for information and documents in connection with an investigation into the circumstances surrounding the termination of his registration by National Planning Corporation, which involved soliciting a private investment away from the firm.

In June 2017, the US Attorney’s Office and Federal Bureau of Investigation (FBI), opened an investigation into Glaser regarding, “Subject of ongoing federal criminal investigation related to investments involving paul creager and his companies.”

Glaser has been the subject of four customer complaints in 2017 and 2018, according to his CRD report:

June 2018. “Claimant alleges unsuitable investment recommendations and fraudulent and/or negligent misrepresentations.” The customer is seeking $600,000 in damages. 

February 2018. “Allegations include breach of fiduciary duty, respondeat superior, violation of FINRA rules 2111 and 3110, violations of the Missouri securities act of 2003 and the Missouri consumer protection act, including gross malfeasance, misrepresentations, omissions, fraud, negligence, and negligent supervision.” The customer is seeking $3,931,721 in damages in this pending complaint. 

September 2017. “Claimant alleges breach of fiduciary duty, violation of missouri securities act, negligence/negligent misrepresentation/omission, common law fraud, breach of contract, & negligent supervision.” The customer is seeking $1 million in this pending complaint. 

June 2017. “Claimant alleges violations of the missouri securities act of 2003, violations of the missouri consumer protection act, breach of fiduciary duty, violations of FINRA rule 2111, 3110, and failure to supervise, negligence and negligent supervision, breach of contract, and respondent superior.” The customer sought $406,632 and the case was settled for $390,000.

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, National Planning Corporation may be liable for investment or other losses suffered by Glaser’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.