Billy Edward Foster of United Planners’ Financial Services of America is referenced in a customer initiated investment related arbitration claim which was resolved for $100,000.00 in damages based upon allegations that (1) unsuitable investment recommendations had been made to the customer concerning a direct participation program or limited partnership interests and (2) United Planners Financial Services failed to supervise Foster’s activities. FINRA Arbitration No. 17-01474 (June 12, 2017).
FINRA Public Disclosure confirms that Foster has been identified in three more customer initiated investment related disputes pertaining to accusations of his misconduct during the time that he was associated with Linsco / Private Ledger Corp. Specifically, a customer filed an investment related complaint concerning Foster’s conduct where the customer sought damages estimated to exceed $5,000.00 supported by allegations that an unsuitable investment portfolio of mutual funds had been selected for the customer’s account given the level of risks of the investments — the customer was inappropriately placed in class B mutual fund shares instead of class A shares; and the customer’s investment portfolio was inadequately managed.
Thereafter, on October 12, 2004, a customer filed an investment related complaint involving Foster’s activities where the customer requested $150,000.00 in damages founded on accusations that the customer was inappropriately placed in a variable annuity. On April 21, 2006, another customer initiated investment related complaint regarding Foster’s conduct was settled to resolve allegations that unsuitable class B mutual fund shares were purchased in the customer’s account.
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