Tye C. Williams, of Frisco, Texas, a stockbroker with Next Financial Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm any capacity after he consented to findings that he obstructed an investigation into allegations that Williams converted funds from customers, effected transactions in customer accounts which were unauthorized, made investment recommendations which were not suitable for customers, and failed to properly manage customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015047059702 (Sept. 6, 2016).
According to the AWC, Williams was sent a letter by FINRA, per FINRA Rule 8210, on October 8, 2015, in which Williams was asked to provide FINRA with information and documentation pertaining to allegations of Williams’ misconduct which stemmed from a customer complaint. Apparently, Williams’ attorney provided an incomplete response to FINRA on November 25, 2015, leading FINRA to make an additional request for such information and documentation to be provided by March 1, 2016.
The AWC reported that numerous responses were provided to FINRA by Williams, yet such responses did not address the information that FINRA sought. FINRA reportedly provided Williams with additional time to provide such information, imposing a deadline of August 1, 2016. The AWC stated that the information was never provided to FINRA.
Apparently, counsel for Williams contacted FINRA personnel on July 28, 2016, stating that Williams would not be cooperating with FINRA’s investigation into allegations of his misconduct. As such, FINRA found that Williams’ failure to cooperate was violative of FINRA Rules 2010 and 8210, leading to his permanent bar.
FINRA BrokerCheck reveals that on August 24, 2015, Williams became subject to the aforementioned customer dispute, in which the customer requested $1,000,000.00 in damages associated with allegations against Williams of improperly managing the customer’s financial affairs, and making unauthorized and unsuitable recommendations for investments.
Guiliano Law Group
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