Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker William Duffy (Duffy), previously associated with Innovation Partners LLC, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Duffy recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on January 23, 2025.
Violations of Federal Securities Laws, fraud in offer or sale of securities, fraud in connection with the purchase of sale of securities, Violations of California Securities Laws, unsuitable recommendations, misrepresentations and omissions of material fact, California Unfair, Unlawful and Fraudulent Business Practices, Violation of California’s Financial Elder Abuse Law, Violation of Washington’s Securities Act, Violation of Washington’s Consumer Protection Act, Violation of the Colorado Securities Act, Violation of Colorado Consumer Protection Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty, Negligence and Gross Negligence, 12/2019
FINRA BrokerCheck shows a pending customer complaint with a damage request of $120,000.00 on October 17, 2024.
Recission, breach of written contract, breach of fiduciary duty of failing to act in claimants best interest, negligence and gross negligence, misrepresentations and omissions, violation of FINRA Rules, violation of federal securities laws, violation of the Colorado Securities Act and violation of Reg BI
FINRA BrokerCheck shows a pending customer complaint with a damage request of $360,000.00 on June 11, 2024.
Unsuitable investments, violation of federal securities laws, fraud in offer or sale of securities, fraud in connection with the purchase or sale of securities, violations of the Colorado securities act, violation of the California securities act, California unfair, unlawful and fraudulent business practices, misrepresentations and omissions of material fact, breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence,
FINRA BrokerCheck shows a pending customer complaint with a damage request of $135,000.00 on June 06, 2024.
Violations of Federal Securities Laws, Violations of the Colorado Securities Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty, Negligence and Gross Negligence
FINRA BrokerCheck shows a pending customer complaint on April 19, 2024.
Breach of written contract, breach of fiduciary duty, failure to supervise, negligence and gross negligence, misrepresentations and omissions, violation of FINRA rules, violation of federal securities laws, violation of California and Colorado Securities Acts, violation of the Investment Advisors Act of 1940, Violation of Reg BI
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Using the foregoing information, the associated person then must consider reasonably available investment option to accomplish the investor’s goals as well as alternative investment options that may be cheaper or other important qualities. Finally, the advisor must conclude that there is a reasonable basis to believe that the recommendation being provided is in the investor’s best interest.
An advisor must understand the type of account, securities, and their client in order to meet their care obligations. The type of securities account has the potential to greatly affect retail customers’ costs and investment returns. Different types of securities accounts can offer different features, products, or services, and not all types of accounts or services would be in every investor’s best interest.
Duffy has been in the securities industry for more than 6 years. Duffy has been registered as a Broker with Innovation Partners LLC since 2022.
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.
