According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker William Young (Young), currently associated with Ameriprise Financial Services, llc, has at least 5 disclosable event. These events include 5 customer complaints, alleging that Young recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $101,400.00 on January 02, 2025.
Clients claim Willian Young failed to conduct a reasonable due diligence on the GWG investment, the GWG investment was misrepresented to the clients, and the GWG investment was unsuitable for the clients in view of their financial situations and needs, investment objectives and risk tolerance for their account.
FINRA BrokerCheck shows a pending customer complaint on December 03, 2024.
Client claims brokers misled investors on GWG.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $40,000.00 on August 20, 2024.
Client claims rep recommended that [REDACTED] (a retiree) invest $40,000.00 of her IRA in GWG in February, 2021, while misrepresenting that GWG was a solid company with good profits, and that the investment was no risk.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on June 04, 2024.
Client claims brokers misled investors on GWG.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $22,000.00 on July 14, 2023.
Breach of contract, breach of fiduciary duty, negligence and negligent misrepresentation. Negligence – violation of regulation of best interest.
Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated “Regulation Best Interest (Reg BI)” which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.
Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. Material information always includes information concerning the investor as well as the cost of the recommendation. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.
In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. Accordingly, a brokerage firm may not rely blindly upon the issuer for information concerning a company in lieu of conducting its own reasonable investigation.
Additional investor safeguards include broker disclosure requirements. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters. FINRA has acknowledged that recent studies provide evidence of the predictability of future regulatory and customer complaint issues for brokers with a history of such events. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.
Young entered the securities industry in 2004. Young has been registered as a Broker with Ameriprise Financial Services, LLC since 2023.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.