Securities Lawyers Blog
As we have previously reported, according to BrokerCheck records financial advisor William Byrd (Byrd) had several customer complaints filed against him in connection with his management of client accounts. Byrd is currently employed by B.B. Graham & Company, Inc. (BB Graham) and now been subject to at least five customer complaints and one civil lien for $47,782.23. According to records kept by The Financial Industry Regulatory Authority (FINRA), Byrd’s customer complaints allege that Byrd recommended unsuitable securities recommendations among other allegations of misconduct in the handling of customer accounts.
In March 2019 a customer filed a complaint alleging that Byrd violated the securities laws by engaging in, among other violations, unsuitable concentrated mutual fund transactions and products, and lacking any reasonable investment strategy. The claim alleges $300,000 and is currently pending.
In October 2018 a civil judgement was entered against Byrd. Large tax liens, civil judgement, or bankruptcy filings on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.