James Willard Clark of Dallas Texas a stockbroker currently registered with Worth Financial Group Inc. is the subject of a customer initiated investment related written complaint which was settled on July 15, 2019 for $38,000.00 in damages supported by allegations that recommendations of exchange traded fund transactions made by the stockbroker were not suitable and caused the customer to experience unwarranted losses.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Clark has been identified in three additional customer initiated investment related disputes which pertain to accusations of his misconduct while employed with Accredited Investors and Worth Financial Group. Specifically, a customer who initiated an investment related arbitration claim concerning Clark’s activities was awarded compensatory damages based upon Clark being found liable on the customer’s claims of the customer’s account being handled in a negligent manner and the customer being charged excessive or unwarranted commissions on options trades.
Clark is the subject of another customer initiated investment related arbitration claim in which the customer was awarded $30,434.60 in damages according to an arbitration claim in which the stockbroker was found liable on the customer’s claims including misrepresentation, negligent supervision and breach of fiduciary in reference to his recommendations of the customer’s purchase of life settlement policies during the period in which he was associated with Worth Financial Group Inc. Also, a customer initiated investment related arbitration claim regarding Clark’s activities was resolved for $160,000.00 in damages based upon allegations that the stockbroker’s recommendations failed to be suitable as it pertained to the purchase of defined payment income stream contracts. FINRA Arbitration No. 16-02720 (Apr. 3, 2018).
FINRA Public Disclosure additionally confirms that Clark has been sanctioned by securities regulators at least four times for misconduct. In particular, Clark has been fined $10,000.00 and suspended from associating with any National Association of Securities Dealers (NASD) member in any supervisory capacity founded on accusations that while Clark was employed by Oxford Financial Group, Clark neglected to supervise the solicitations and sales of securities made by a stockbroker of the firm; conduct violative of NASD Rules 3010 and 2110. According to the AWC, the stockbroker Clark failed to supervise had sold speculative, illiquid and aggressive investments to customers. Those transactions were unsuitable as they failed to be consistent with the customer’s objectives for investing. Letter of Acceptance Waiver and Consent No. E062003043402.
Clark has also been fined $5,000.00 by Arkansas Securities Division supported by allegations that a stockbroker under his watch effected an unregistered and unsuitable sale of stock to a resident in Arkansas during the time that Clark was associated with Oxford Financial Group. Case No. S-03-026-04-AC01.
