Jonathan Spencer Williams, of Timonium, Maryland, a stockbroker formerly registered with NYLife Securities LLC, has been named in a customer initiated investment related written complaint on February 6, 2017, in which the customer requested $37,901.22 in damages based upon allegations that Williams effected transactions in the customer’s account that may not have been authorized.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Williams has been named in fifteen additional customer initiated investment related disputes regarding allegations of his wrongdoing while associated with NYLife Securities LLC and American Express Financial Advisors. Particularly, on March 3, 2016, a customer initiated investment related written complaint involving Williams’ conduct was settled for $121,784.56 in damages based upon allegations that he facilitated the customer’s certificate of deposit transactions in 2015; however, the customer’s purchases in this regard were never effected.
On August 10, 2016, another a customer initiated investment related written complaint regarding Williams’ activities was resolved for $684,128.75 in damages based upon allegations that he effected transactions in the customer’s account which were not suitable, charged the customer with excessive commissions, facilitated withdrawals through bogus documents, stole the customer’s funds, and caused the customer to bear tax liabilities and surrender penalties in connection with certificates of deposit, variable annuity, and private placement investments effected in customer’s account.
Subsequently, on August 29, 2016, a customer initiated investment related written complaint involving Williams’ conduct was settled for $157,295.56 in damages based upon allegations that Williams made misrepresentations to the customer concerning the value of her investment accounts. Moreover, on February 2, 2017, a customer initiated investment related written complaint concerning Williams’ activities was resolved for $455,637.02 in damages based upon allegations that Williams provided customers with account numbers that were fraudulent, and misappropriated customers’ funds in reference to annuities and mutual fund transactions.
Public Disclosure additionally reveals that Williams was terminated by NYLife Securities LLC on March 31, 2015, based upon allegations that he furnished bogus bank documents to his firm, and commingled customer funds. Subsequently, Williams was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into NYLife Securities LLC’s allegations. Letter of Acceptance, Waiver and Consent, No. 20150452689-01 (July 22, 2015).
According to the AWC, Williams was contacted by FINRA, in which he was asked to provide recorded testimony concerning allegations of his use of forged documentation in the facilitation of customers’ transactions. FINRA reportedly received word from Williams on July 2, 2015, that he would not be providing recorded testimony before FINRA staff or otherwise cooperating at any point. FINRA found Williams’ conduct to be violative of FINRA Rules 2010 and 8210, resulting in his bar.
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