William Cambell Webb, of Panama City, Florida, a stockbroker formerly registered with Raymond James Financial Services, has been fined $15,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities and unauthorized loan arrangements with customers. Letter of Acceptance, Waiver and Consent, No. 2015047061101 (Apr. 18, 2017).
According to the AWC, from December of 2010 to August of 2015, four outside business activities concerning real estate ventures had been owned and operated via Webb. Apparently, Webb involved the firm’s customers in the real estate ventures, where he was compensated as a result. The AWC stated that supervision systems of the firm restricted Webb from engaging in the outside business activities unless they were disclosed to his firm and approved beforehand.
Webb reportedly disclosed only one outside business activity to his firm; while omitting information regarding the other three. Further, inaccurate information was provided by Webb in the course of his completion of the firm’s annual compliance questionnaires relating to the activities he engaged in from 2012 to 2014. FINRA found that Webb’s conduct in this regard was violative of FINRA Rules 2010 and 3270.
Additionally, the AWC stated that six of the firm’s customers lent Webb a total of $340,000.00 from April of 2014 to June of 2015. Apparently, Webb failed to notify Raymond James regarding the loans and did not obtain approval from the firm to entering into the lending arrangements. The firm evidently prohibited its stockbrokers from effecting personal loan arrangements with customers. Webb purportedly misstated his loan arrangements on his firm’s compliance questionnaire. Consequently, Webb’s conduct was found by FINRA to be violative of Rules 2010 and 3240.
Webb’s registration with Raymond James was terminated on August 24, 2015, based upon allegations that he made arrangements with the firm’s customers to create limited liability companies without gaining approval from his firm.
Since September 20, 1988, Webb has been associated with six different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
FINRA Public Disclosure records reveal that on March 27, 1995, a customer initiated investment related written complaint involving Webb’s conduct was settled for $10,000.00 in damages based upon allegations that he effected unsuitable options transactions in the customer’s account. Additionally, on March 21, 2005, a customer filed an investment related written complaint regarding Webb’s activities, based upon allegations that Webb effected the unauthorized termination of the customer’s individual retirement account, and omitted information from the customer regarding a variable annuity that the customer purchased.
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