Dallas, Texas
UPDATE JUNE 2017-David W. Williams discloses that FINRA Case 16-00346, see below, was settled for $250,000 in 12/2016.
ORIGINAL POST-April 12, 2016
The FINRA records of David W. Williams, president of WFG Investments, report that he is currently named in an arbitration claim filed by a customer.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
FINRA Case 16-00346– customer alleges various failures including failure to conduct a reasonable investigation into Servergy, unsuitable recommendations and breach of fiduciary duty. Alleged damages are $2,780,000.
Williams has been employed by WFG Investments since 10/2000.
SERVERGY, INC.-SEC FRAUD COMPLAINT NAMES TEXAS ATTY GENERAL KEN PAXTON, JR.
On April 11, 2016, the SEC announced fraud charges against Servergy, Inc. , William E. Mapp III, Caleb J. White and Texas attorney general Warren K. Paxton, Jr. Link to complaint.
The SEC alleges that $26 million was raised through private offerings by Servergy from investors who were duped into believing that Servergy was generating sales on new groundbreaking server technology. In reality the server technology was behind competitors and there were not any sales.
If you have losses in an account handled by David W. Williams, or losses on investment in Servergy, call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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