William Michael Robertson of Deer Park Texas a stockbroker formerly registered with First Allied Securities Inc. and advisor with First Allied Advisory Services has been referenced in a customer initiated investment related written complaint on January 5, 2018 where the customer sought $22,000,000.00 in damages founded on allegations that (1) investment recommendations had been made that were not suitable for the customer (2) the customer was not informed of the risks pertaining to unit investment trusts and non-traded real estate investment trusts (3) misrepresentations had been made to the customer (4) fiduciary obligations owed to the customer had been breached and (5) the firm failed to supervise Robertson’s securities transactions.
FINRA Public Disclosure confirms that Robertson has been referenced in three additional customer initiated investment related disputes containing accusations of his wrongful conduct while he was employed with Dean Witter and First Allied Securities Inc. Particularly, on October 14, 2003, a customer filed an investment related complaint regarding Robertson’s actions in which the customer requested $7,856.22 in damages based upon allegations that the customer was assessed excessive commissions on stock transactions placed in the customer’s account.
Thereafter, an investment related arbitration claim concerning Robertson’s conduct was settled for $110,000.00 in damages supported by accusations that margin had been recklessly used; the customer’s account was churned; unsuitable over-the-counter equity transactions were placed in the customer’s account; and trades were executed without the customer’s permission. FINRA Arbitration No. 09-03968 (May 18, 2010).
Robertson’s employment with First Allied Securities, Inc. was terminated on December 13, 2016.
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