William H. McWilliams, of Jefferson City, Missouri, a stockbroker formerly registered with Raymond James Financial Services, Inc., has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected transactions in customer accounts that were not authorized by customers. Letter of Acceptance, Waiver and Consent, No. 2015044938001 (May. 2, 2017).
According to the AWC, between August of 2014 and December of 2014, McWilliams effected trades on a discretionary basis in eight accounts, where he effected twenty-eight transactions without proper authorization. Specifically, the authorization to exercise discretion had not been provided by customers to McWilliams, and the accounts were not approved by the firm for purposes of discretionary trading.
The AWC stated that in four Raymond James customer accounts, trades were effected by McWilliams when customers had not been contracted regarding them; a practice which was prohibited by the firm. FINRA found that McWilliams’ use of discretion in the customers’ accounts was conduct violative of FINRA Rule 2010 and NASD Rule 2510(b).
McWilliams was terminated by Raymond James Financial Services, Inc. on February 27, 2015, based upon allegations that he advised a customer concerning securities sold outside the auspices of the firm, and effected trades in violation of Raymond James’ policies. Since April 14, 2015, McWilliams has been registered with Stifel, Nicolaus & Company, Inc.
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