William H. Paterson, of Palm Beach Gardens, Florida, a former GWN Securities, Inc. registered representative, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his sales practice violations as alleged within a customer initiated investment related complaint. Letter of Acceptance, Waiver and Consent, No. 2017054701901 (Nov. 2, 2017).
According to the AWC, a letter was sent by FINRA staff to Paterson on October 5, 2017, according to Rule 8210, wherein FINRA staff sought information from him relating to a customer dispute containing allegations that Paterson failed to disclose the expenses and fees of mutual funds transactions effected in the customer’s investment account. The AWC stated that FINRA also sought information about the basis of GWN’s 2017 termination of Paterson’s employment. Paterson apparently confirmed with FINRA that he obtained its request and would not be providing any information to FINRA staff. Consequently, FINRA found that Paterson’s failure to comply was conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Paterson was twice terminated after allegations of his improper conduct surfaced. In particular, on September 30, 2016, he was terminated from Advanced Advisor Group based upon allegations that Paterson effected transactions in the customer’s account without procuring the customer’s approval. The firm alleged that it discovered a complaint filed by the customer on September 23, 2016, alleging that transactions were executed without the customer’s consent and that mutual fund recommendations were questionable.
Paterson was then fired by GWN Securities, Inc. on June 22, 2017, based upon allegations that Paterson failed to provide an explanation to the firm about allegations of Paterson’s improper conduct referenced within a customer complaint lodged against him. The firm alleged that upon review, it discovered that signatures on the customer’s disclosure documentation appeared to be unauthentic.
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