Securities Lawyers Blog
Advisor William Morrow (Morrow), currently employed by Concorde Investment Services, LLC (Concorde Investment) and formerly employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least 14 customer complaints and one employment termination for cause during the course of his career. According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, tenant-in-common programs, and private placements. Morrow runs his securities business through a d/b/a called Financial Designs, LTD. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
In May 2020 a customer complained that Morrow violated the securities laws by alleging that Morrow engaged in sales practice violations related to engaging in investments were high risk and not in line with their stated objectives and risk tolerance. The claim alleges $100,000 in damages and is currently pending.
In February 2015 a customer complained that Morrow violated the securities laws by alleging that Morrow engaged in sales practice violations related to engaging in unsuitable investments, common law fraud, and other violations in the sale of a tenant in common investment purchased in 2006. The claim alleged $730,000 damages and settled for $100,000.