Former Frost Brokerage Services, Inc. broker Nicholas Watne (CRD# 3135342) is the subject of a $9.95 million customer complaint related to misrepresentations. He has been registered with Citizens Securities, Inc. in Johnston, Rhode Island, since May 2024. He was previously registered with Frost Brokerage Services, Inc. in San Antonio, Texas, from 2018 to 2024, and with Zions Direct, Inc. in Salt Lake City, Utah, from 2006 to 2018.
Nicholas Watne Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
October 2023. “This civil action stems from a dispute as to the ownership of an account at Frost Brokerage Services, Inc. (“FBS”) (the “Account”). FBS placed a hold on the Account after conflicting claims of ownership were raised. The lawsuit was originally filed on March 16, 2023, by one of the purported owners of the Account (“Purported Owner 1”), seeking declaratory relief as to Account’s proper ownership. The complaint was subsequently amended, alleging claims of conversion and theft by the other purported owners of the Account (“Purported Owner 2”), as well as claims against FBS for wrongfully freezing the account and conspiring with the other defendants to accomplish their alleged conversion/theft. On October 19, 2023, Purported Owner 2 filed its own complaint, making similar allegations of theft against the Purported Owner 1 (the “October Complaint”). The October Complaint also alleges that FBS and other Frost-affiliated parties aided and abetted the alleged theft and fraudulent acts of Purported Owner 1, and that FBS employee Nicholas Watne made misrepresentations that contributed to the alleged aiding and abetting.” The customer is seeking $9,950,000 in damages, and the case is currently pending.
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, Frost Brokerage Services, Inc. may be liable for investment or other losses suffered by Nicholas Watne’s 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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