James Willard Clark of Dallas Texas the owner and president of Worth Financial Group Inc. is referenced in a customer initiated investment related arbitration claim that has been resolved for $160,000.00 in damages supported by accusations of suitability in reference to defined payment income stream agreements. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-02720 (Apr. 3, 2018).
FINRA Public Disclosure confirms that Clark is referenced in two more customer initiated investment related disputes pertaining to allegations of his violative conduct while associated with Worth Financial Group and Accredited Investors Co. Specifically, Clark was named in a customer initiated investment related arbitration claim in which he was ordered to pay a customer compensatory damages based upon being found liable for negligently administering the customer’s account and charging the customer undue commissions on options trades. National Association of Securities Dealers (NASD) Arbitration No. 88-02651.
Subsequently, Clark was named in another customer initiated investment related arbitration claim where the customer was awarded $30,434.60 in damages based upon Clark being found liable on the customer’s causes of action including control person liability, misrepresentation, negligent supervision and breach of fiduciary duty relating to the overconcentration of the customer’s retirement account assets in life settlement contracts. FINRA Arbitration No. 12-03229 (Oct. 7, 2013).
FINRA Public Disclosure further reveals that on four occasions, Clark has been sanctioned by regulators for engaging in improper activities in the securities industry. Specifically, Clark was subject of an Arkansas Securities Department Order which fined him $5,000.00 and required him to withdrawal both his securities registration application and that of his brokerage firm, Promark Securities, in order to resolve accusations that while Clark was president of Oxford Financial Group, he supervised a broker who effected unregistered and unsuitable stock sales and made omissions and misrepresentations relating to the transaction. Case No. S-03-026-04-AC01 (June 15, 2004).
In a related matter, Clark was fined $10,000.00 and suspended from associating with any NASD member in any supervisory or principal capacity founded on allegations that he failed to supervise his subordinate registered representative’s offer and sales of securities. Letter of Acceptance Waiver and Consent No. E062003043402 (Dec. 21, 2005). According to the AWC, the registered representative sold stock to customers in an offering directed by Oxford Representatives Group – the parent company of Oxford Financial Group. Evidently, the investment was not suitable for the customers because of its illiquid and speculative nature failing to conform to the customers’ objectives for investing. Moreover, Clark was cited for failing to supervise a registered representative’s inappropriate sale of a variable annuity to a customer of Oxford Financial; Clark authorized the transaction without any consideration of whether the transaction was suitable. Clark’s conduct was found by NASD to be violative of NASD Rules 3010 and 2110.
The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.
This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer
Guiliano Law Group
Our practice is limited to the representation of investors. Over the last three decades, we have recovered tens of millions of dollars for more than 1,000 injured investors from all over the United States and from all over the World. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
