David Wilson Williams of Dallas Texas a stockbroker and supervisor formerly registered with WFG Investments Inc. is the subject of a customer initiated investment related arbitration claim where the customer was awarded $50,000.00 in compensatory damages based upon Williams being found liable on the customer’s claims which included that (1) contractual obligations to the customer were not complied with and (2) the customers were fraudulently induced into investing in a private placement and being exposed to a pump and dump scheme. FINRA Arbitration No. 16-03743 (Apr. 22, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Williams has been identified in two more customer initiated investment related disputes containing allegations of the stockbroker’s violative conduct while employed with WFG investments Inc. Specifically, a customer initiated investment related arbitration claim involving Williams’ activities was resolved for $29,529.11 in damages founded on accusations that contractual obligations to the customer had been breached, and investment recommendations failed to be suitable as it pertained to the over-the-counter equities held in the customer’s portfolio that generated undue losses. FINRA Arbitration No. 14-03263 (Jan. 2, 2015).
Another customer initiated investment related arbitration claim regarding Williams’ conduct was settled for $250,000.00 in damages based upon allegations that fiduciary duties were violated; misrepresentations had been made by the stockbroker; investment recommendations were not suitable; and due diligence had not been undertaken by Williams prior to his recommendation of private placement stock issued by Severgy. FINRA Arbitration No. 16-00346 (Dec. 5, 2016).
Williams’ employment with WFG Investments Inc. has been terminated as of November 29, 2017.
