Erez Law is currently investigating former Raymond James Financial Services, Inc. and LPL Financial LLC broker William Winchester (CRD# 4404327) regarding misrepresentations. He was registered with Cadaret, Grant & Co., Inc. in Chattanooga, Tennessee from 2020 to 2021. Previously, he was registered with Raymond James Financial Services, Inc. in Chattanooga, Tennessee from 2012 to 2020, when he was terminated regarding, “Failure to disclose a business loan arrangement and two personal loan arrangements with separate clients, including a promissory note with a client related to Financial Advisor’s role as executor of the client’s father’s estate.” Prior to then, he was registered with LPL Financial LLC in Chattanooga, Tennessee from 2007 to 2012.
In June 2020, the Tennessee Securities Division sanctioned him to pay a $45,000 civil and administrative penalty and fine regarding, “Respondent engaged in dishonest and unethical practices by failing to disclose to his firm, three loans with three different clients either initially or through annual compliance questionnaires.”
William Winchester Customer Complaints
He has been the subject of three customer complaints between 2018 and 2021, according to his CRD report:
November 2021. “Claimant alleges that FAs misrepresented that her grandfather, a client of the same FAs, had setup a trust account for her with the FAs as trustees and that she believes account had been setup in her name and that FAs misrepresented that it was a trust to hide their alleged conversion of funds from the account.” The customer is seeking $3,000,000 in damages and the case is currently pending. The complaint took place while he was registered with Raymond James Financial Services, Inc. and LPL Financial LLC.
November 2021. “Customer alleges that advisor concealed the amount of funds deposited into her account from her grandfather, and later borrowed funds from customer’s account without customer’s knowledge. Activity period 03/2009 to 11/2021.” The case is currently pending. The complaint took place while he was registered with Raymond James Financial Services, Inc. and LPL Financial LLC.
April 2018. “Breach of Fiduciary Duty, Negligence, Negligent Supervision, Suitability, Excessive Turnover, Breach of Contract, Negligent Hiring, Selling Away and Violations of FINRA Conduct Rules.” The customer sought $150,000 in damages and the case was settled for $7,500. The complaint was regarding options losses and took place while he was registered with Raymond James Financial Services, 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, Raymond James Financial Services, Inc. and LPL Financial LLC may be liable for investment or other losses suffered by William Winchester’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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