Jonathan Spencer Williams of Timonium Maryland a stockbroker formerly employed by NYLife Securities pled guilty to one count of felony wire fraud (18. U.S.C. § 1343) as part of a scheme which caused customers of NYLife Securities to incur approximately $2,800,000.00 in losses. Criminal Action No. 1:18cr183 (D. Md. Apr. 29, 2019).
Evidently, customers were instructed by Williams to make payments to Mid-Atlantic Financial, Advanced Retirement Solutions and Jonathan Williams Financial Planning, where Williams later used investor funds for his own benefit rather than invest the money as he represented to customers. Apparently, Williams’ customers had been lied to concerning their investments and were provided fake investment documentation. Williams is facing a maximum sentence of twenty years behind bars for defrauding the NYLife Securities customers.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Williams has been barred from associating with any FINRA member in any capacity founded on findings that Williams obstructed a FINRA investigation into accusations of him, inter alia, impermissibly commingling a customer’s funds and furnishing false documentation to the securities broker dealer; conduct violative of FINRA Rules 2010 and 8210. Letter of Acceptance Waiver and Consent No. 20150452689-01 (July 22, 2015).
FINRA Public Disclosure confirms that Williams has been identified in nineteen customer initiated investment related disputes containing allegations of his violative conduct while employed by Ameriprise and NYLife Securities. Specifically, on August 10, 2016, a customer initiated investment related complaint in regards to Williams’ conduct was resolved for $684,128.75 in damages based upon accusations that Williams placed the customers’ assets in speculative and inappropriate investments including private placements; Williams facilitated withdrawals from customers’ accounts by using documents containing forged customer signatures, resulting in customers having to pay undue taxes and surrender penalties; and Williams converted or otherwise misappropriated the customers’ funds.
Then, on May 22, 2017, a customer initiated investment related complaint involving Williams’ activities was settled for $675,000.00 in damages supported by allegations that the customers’ assets had been misappropriated from their retirement accounts by Williams; and the stockbroker reportedly instructed customers to make payments to himself or two other companies for investments that customers believed were being effectuated through NYLife.
Williams is also referenced in a customer initiated investment related written complaint which was resolved for $130,779.37 on July 25, 2017 founded on accusations of unauthorized withdrawals being made from the customer’s account during the period in which Williams had been employed by NYLife Securities LLC. Additionally, on August 10, 2017, a customer initiated investment related complaint concerning Williams’ conduct was settled for $19,554.54 in damages based upon allegations of unauthorized distributions being effected from the customer’s variable annuity wherein the customer never received the funds from those distributions.
Subsequently, a customer initiated investment related complaint regarding Williams’ activities was resolved on November 26, 2018 supported by accusations that the customer’s individual retirement account was transferred without the customer’s permission resulting in the customer incurring unwarranted tax consequences. Williams is also the subject of a customer initiated investment related arbitration claim which was settled for $52,500.00 in damages founded on allegations that (1) Williams provided misleading information concerning the private placement security sold to the customer and (2) investments transactions ran afoul of state and federal securities disclosure and registration laws. FINRA Arbitration No. 19-00542 (Apr. 30, 2019).
