Stephen Joe Williams of Madison, Alabama, a stockbroker currently registered with NEXT Financial Group, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested $50,000.00 in damages based upon allegations that Williams effected unsuitable real estate investment trust transactions in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01924 (Aug. 2, 2017).
FINRA Public Disclosure reveals that Williams has been identified in four more customer initiated investment related disputes containing accusations of Williams’ misconduct while employed with Edward Jones and NEXT Financial Group, Inc. Specifically, a customer was awarded $65,000.00 in damages according to an investment related arbitration claim involving Williams’ improper conduct, based upon allegations that Williams executed unsuitable variable annuity transactions in the customer’s account. FINRA Arbitration No. 04-09106 (Dec. 19, 2009).
Thereafter, on December 1, 2010, a customer initiated investment related written complaint pertaining to Williams’ conduct was settled to resolve accusations that Williams made misrepresentations to the customer concerning oil and gas investments, causing the customer to incur $120,000.00 investment losses. Subsequently, a customer initiated investment related arbitration claim regarding Williams’ activities was resolved for $50,000.00 in damages supported by allegations that Williams made misrepresentations to the customer and effected oil and gas transactions that were not suitable for the customer. Letter of Acceptance, Waiver and Consent, No. 10-05143 (Mar. 20, 2012).
Additionally, a customer filed an investment related arbitration claim involving Williams’ conduct, where the customer sought more than $5,000.00 in damages founded on accusations that real estate investment trusts were sold to the customer without regard to suitability. FINRA Arbitration No. 17-01925 (July 31, 2017).
Williams has also been sanctioned by the Commissioner of Insurance for the State of Georgia based upon findings that Williams negligently handled a customer’s investments, and executed investment transactions that were not suitable for the customer. Case No. 2007-360 (May 3, 2017).
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