October 2020 – Franklin, TN
The FINRA records of Scott Douglas Williams, who last worked for LPL Financial is not currently registered as a broker, disclose a pending customer dispute, 2 prior customer disputes and a termination from employment.
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 2/2019 a customer of LPL Financial filed FINRA case 19-0481 alleging that Williams churned their account and made unsuitable investment recommendations from March 2017-March 2018 , made for the purpose of generating excessive commissions. That case was settled in 5/2019 for $61,000.
In pending FINRA case 20-1816, a customer of Raymond James alleges that Williams recommended unsuitable and concentrated positions from 2/1011-10/2015 and is seeking unspecified damages.
Williams was employed by LPL Financial from 2/2017-8/2018. Prior to that Williams was employed by Raymond James from 1/2011-2/2017. In July 2018, Williams was discharged from LPL Financial. In connection with the termination,LPL Financial alleged that Williams “violated the firm policy regarding discretion”.
Williams discloses a business affiliation with Five Points Advisory in Franklin, TN and Advisory Services Network in Atlanta, GA.
Discretionary Trading is when a broker makes the trades in a customer’s account without first consulting with the customer. Generally a firm requires that a written agreement be in place in which the customer agrees to permit the broker to trade without consulting with the customer first.
If you have losses in an account handled by Scott Douglas Williams , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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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