William Madison Swayne II, of Seattle, Washington, a stockbroker formerly registered with Pacific West Securities, Inc., has been named in a customer initiated investment related arbitration claim, in which a customer was awarded $1,134,911.49 in damages on November 16, 2016, based upon allegations that Swayne made misrepresentations and omissions to the customer, and negligently handled the customer’s account in reference to tenant-in-common investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Swayne has been named in five additional customer initiated investment related disputes regarding allegations of his wrongdoing while associated with Pacific West Securities. Particularly, on October 9, 2009, a customer initiated investment related written complaint involving Swayne’s conduct was settled for $500,000.00 in damages based upon allegations that Swayne violated the Washington Consumer Protection Act and Washington Securities Act, negligently managed the customer’s portfolio, and breached his fiduciary obligations to the customer in reference to the customer’s investments in oil and gas, equipment leasing products, and direct participation programs.
Additionally, on March 30, 2012, a customer was awarded $1,862,960.65 in damages according to an investment related arbitration claim pertaining to Swayne’s activities, based upon allegations including negligence and breach of fiduciary duty in reference to mutual fund and tenant-in-common investments effected in the customers’ accounts. On December 22, 2011, another a customer initiated investment related written complaint regarding Swayne’s conduct was resolved for $985,970.00 in damages based upon allegations that Swayne violated Securities Acts of 1933 and 1934, and induced the customer’s tenant-in-common transactions based upon omissions and misrepresentations.
Further, on October 15, 2014, a customer filed an investment related arbitration claim involving Swayne’s activities, based upon allegations that Swayne, inter alia, breached his contractual and fiduciary obligations to the customer, made investment related omissions and misrepresentations, and effected transactions in the customer’s account which were not suitable. On September 30, 2015, another customer initiated investment related arbitration claim regarding Swayne’s activities was resolved for $10,000.00 in damages based upon allegations of unsuitability.
Moreover, Swayne was fined $5,000.00 and subject of cease and desist sanctions imposed by Washington Securities Division pursuant to a Consent Order, which contained findings that he sold tenant-in-common investments to two of the firm’s customers despite the products having been unsuitable for the customers. Case No. S-10-249-14-CO01 (Feb. 12, 2014).
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