Investigation UPDATE-Bill Hightower Indicted-Former UBS Stockbroker-Houston, TX

Investigation UPDATE-Bill Hightower Indicted-Former UBS Stockbroker-Houston, TX 150 150 Rex Securities Law

JANUARY 2019- Houston, TX

We are currently pursuing FINRA arbitration claims on behalf of investors who were victims of William Hightower.

In a recently filed case on behalf of a retired couple from central Texas the victims allege that  Hightower recommended investments in Hightower Capital Group common stock, an allegedly risky and unsuitable private investment that has caused significant financial damages. In addition, our clients allege that Hightower made unsuitable investment recommendations that resulted in significant damages.

Hightower Indicted for Securities Fraud

The United States Attorney for the Southern District of Texas announced the indictment of  William Hightower of Bellaire, Texas, who is charged with 13 counts of wire fraud, mail fraud and money laundering. The indictment charges that Hightower took money from clients from 2013-2018 and  made false promises while he was operating a Ponzi scheme.

If convicted, Hightower faces up to 20 years in prison for each count.

Hightower Accused of Securities Fraud In Civil Suit

Recently 3 residents of Harris County, TX, filed an intervenor action in the divorce proceeding which is currently pending between Bill Hightower and his wife, Susan Hightower. Cause #2018-46462, 311th Judicial District, Harris County, TX.

One of the intervenors, a 78 year old widow,  alleges that beginning in 2013,  Bill Hightower convinced her to purchase several ‘private annuities’, totalling an investment of $1.65 million. These investments were purportedly guaranteed by Hightower Capital Group and Bill Hightower individually.

It is alleged that in 2014 Hightower sold her 900 shares of Hightower Capital Group stock for $900,000. Millenium Trust Company, a licensed financial services company, allegedly signed off on the sale.

According to the complaint filed by the intervenors,  Hightower defaulted on payments due on one of the annuities in early July 2018 and 11 days later his wife Ann filed for divorce from Bill, listing real estate properties (a lake property and a ranch)  which the intervenors contend were purchased with the widow intervenor’s retirement money.

The FINRA records of  William A. Hightower,  a  former stock stock broker who worked for UBS for many years and who was last  employed by Legacy Asset Securities ,  currently disclose a prior regulatory event, 5 pending customer complaints and two prior customer disputes that have been resolved.

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.

In 10/2015 FINRA permanently barred Hightower from the securities industry for refusing to fully respond to a FINRA request for documents and information in connection with an investigation into allegations that Hightower, while employed by UBS Financial Services, improperly steered  customers to an unapproved private securities investment.

In FINRA Case 15-03387 a customer of UBS Financial Services alleged that Hightower recommended the purchase of a high risk, illiquid and unsuitable, unregistered private placement security. The customer sought damages of $150,000. In May 2018 the case was settled for $125,000

The pending customer disputes include:

  • FINRA Case 18-3370 in which a customer of UBS Financial alleges fraud and other causes action related to a Ponzi scheme and is seeking $500,000 in damages.
  • FINRA Case 18-3141 in which a customer of UBS Financial allegesthe Hightower sold her inappropriate investments, including a principal protected note, an alternative private investment which were part of a Ponzi scheme. That is seeking $500,000 in damages.

HIghtower was employed by Legacy Asset Securities from 9/2013-6/2015 and with UBS Financial Services from 6/2007-9/2013.

If you have losses in an investment in Hightower Capital Group or other losses in account handled by William Hightower, call for a no charge consultation to discuss your legal options for recovery of damages.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 


%d bloggers like this: