Can you recover losses due to recommendations by Centaurus Financial, Inc. broker William Dobbs (CRD# 1064156)? He has been registered with Centaurus Financial, Inc. in Clinton, Tennessee, since 2009. He was registered with Metlife Securities Inc. in Sacramento, California, from 2004 to 2008, when he was terminated regarding, “Registered representative admitted to accessing confidential account information without authorization, in violation of company policy.”
In August 2024, the Georgia Department of Insurance “noted that they believe the applicant has shown lack of trustworthiness or lack of competence to act as a licensee under this chapter; pursuant to O.C.G.A. Section 33-23-21 (11).”
William Dobbs Customer Complaints
He has been the subject of 11 customer complaints between 2002 and 2024, one of which was denied and two were closed without action, according to his CRD report:
June 2024. “The customer alleges that the Registered Representative recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty. No specific dates for the alleged activity were identified in the Statement of Claim.” The customer is seeking $30,920 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with Centaurus Financial, Inc.
March 2024. “The customers allege that on the specific dates of 12/01/2019, 12/01/2020 and 01/01/2021 the Registered Representative recommended unsuitable, high-risk, investments and breached his fiduciary duty.” The customer is seeking $138,000 in damages, and the case is currently pending. The complaint was regarding corporate debt, and it took place while he was registered with Centaurus Financial, Inc.
September 2023. “The customer alleges that in May 2017, the Registered Representative recommended a speculative, high-risk, illiquid investment and breached his fiduciary duty.” The customer sought $50,000 in damages, and the case was settled for $12,000. The complaint was regarding corporate debt, and it took place while he was registered with Centaurus Financial, Inc.
April 2023. “In December 2018, the customer alleges that the Registered Representative recommended a high-risk, speculative and illiquid investment.” The customer sought $50,000 in damages, and the case was settled for $17,800. The complaint was regarding corporate debt, and it took place while he was registered with Centaurus Financial, Inc.
January 2023. “In 2020, the customer alleges that the Registered Representative recommended an unsuitable investment.” The case was settled for $35,000.
February 2021. “During the period 2013 through February 2021, the customers allege that the Registered Representative recommended high risk and illiquid investments.” The customer sought $500,000 in damages, and the case was settled for $59,900. The complaint was regarding oil and gas and real estate securities losses, and it took place while he was registered with Centaurus Financial, Inc.
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, Centaurus Financial, Inc. may be liable for investment or other losses suffered by William Dobbs’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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