Robert Daniel Witt of Libertyville Illinois a stockbroker formerly registered with Voya Financial Advisors Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Witt failed to provide FINRA with information that was requested of him and then failed to seek termination of his suspension. Case No. 2016051737901 (Jan. 7, 2019).
FINRA Public Disclosure reveals that Witt was contacted by FINRA in 2018 where he was asked to hand over information or documentation to the regulator as part of an inquiry. Witt failed to cooperate, resulting in him being issued a Notice of Suspension dated October 3, 2018 and a Suspension from Association Letter on October 29, 2018. Witt was notified by FINRA that he had until January 6, 2019 to provide information to the regulator to resolve the suspension. Since Witt failed to cooperate, he was automatically barred by FINRA on January 7, 2019.
FINRA Public Disclosure confirms that Witt is referenced in eleven customer initiated investment related disputes containing allegations of his violative conduct while employed with Voya Financial Advisors (formerly ING). Specifically, on November 29, 2016, a customer initiated investment related complaint regarding Witt’s conduct was resolved for $14,530.15 in damages founded on accusations that margin had been inappropriately utilized to effect transactions; investment recommendations failed to be suitable; the customer’s account was over-concentrated in speculative and risky investments; and the customer’s instructions had been disregarded.
Another customer initiated investment related complaint involving Witt’s activities was settled for $15,000.00 in damages on October 30, 2017 based upon allegations that the customer was not provided critical information in advance of stock trades being placed in the customer’s account; false or misleading statements had been made concerning the risks of equities products; and transactions executed in the customer’s account were in no way appropriate.
On March 27, 2018, a customer initiated investment related complaint concerning Witt’s conduct was resolved for $100,000.00 in damages founded on accusations that between 2015 and 2016, the customer’s account was over-concentrated in one stock position; and unauthorized trades were effected in the customer’s account. Witt is also the subject of a customer initiated investment related complaint which was settled for $27,500.00 in damages on April 5, 2018 based upon allegations that customers were led to believe that the stocks selected for their accounts were conservative, which was untrue; and excessive commissions were charged for transactions placed in their accounts.
On August 20, 2018, another customer initiated investment related complaint in regard to Witt’s activities was resolved for $50,000.00 in damages founded on accusations of bad stock advice being provided to the customer between 2015 and 2018 resulting in unwarranted losses. Also, a customer initiated investment related arbitration claim regarding Witt’s conduct was settled for $115,000.00 in damages based upon allegations that the customer fell victim to elder abuse and fraud; unauthorized trades were executed in the customer’s account; margin credit had been inappropriately extended to effect transactions; investment recommendations were not suitable; and Voya Financial Advisors failed to supervise Witt’s activities in the customer’s account. FINRA Arbitration No. 17-03290 (Sept. 4, 2018).
Witt was terminated by Voya Financial Advisors founded on accusations that he effected unauthorized trades in a customer’s account.
