Samuel Ray Head of Columbia South Carolina a stockbroker formerly registered with Voya Financial Advisors Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $85,000.00 in damages supported by accusations that the customer had been sold unsuitable business development company investments and real estate securities during the period that Head was associated with Voya Financial Advisors. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-04082 (Jan. 5, 2021). According to the claim, those alternative investments were inappropriate given their risks and illiquidity.
Head has been referenced in six more customer initiated investment related disputes regarding allegations of his improprieties while employed by Washington Square Securities Inc., ING Financial Partners Inc. and Voya Financial Advisors. FINRA Public Disclosure confirms that a customer filed an investment related complaint concerning Head’s activities where the customer requested $18,561.53 in damages founded on accusations that the customer invested in an insurance product that was not suitable because of being incompatible with their objectives for investing and tolerance for risk while Head was registered with Washington Square Securities.
Another customer initiated investment related complaint involving Head’s conduct was settled to resolve allegations of inappropriate annuity investments during the time that Head was associated with ING Financial Partners Inc. The stockbroker is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $45,000.00 in damages based upon accusations that the ING customer’s investment instructions of liquidating a Hartford variable annuity were disregarded and that Head’s negligence resulted in damages to the customer. According to the claim, there was a breach of fiduciary duty and breach of contract because of the stockbroker. The claim also alleges that ING failed to supervise the customer’s account and that the customer was defrauded.
A different customer initiated investment related complaint regarding Head’s conduct was settled for $55,542.52 in damages supported by allegations that the stockbroker was told to invest in a certain manner but he failed to follow those instructions. On September 9, 2020, another customer filed an investment related FINRA securities arbitration claim regarding Head’s conduct in which the customer sought $315,000.00 in damages founded on accusations of unsuitable closed-end funds and real estate securities being sold by Head at Voya Financial Advisors. FINRA Arbitration No. 20-02867. The claim alleges that Head’s investment transactions were not aligned to the customer’s objectives of protecting their principal.
Head is also referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $17,500.00 in damages based upon allegations that the customer’s assets were unsuitably invested in real estate securities and business development companies. FINRA Arbitration No. 20-03471 (Oct. 28, 2020). According to the claim, those investments were unsuitable given the lack of liquidity and the risks.
Head’s stockbroker and investment adviser representative registrations with Voya Financial Advisors Inc. have been terminated on June 11, 2020. He has been a stockbroker and investment adviser representative of Ameriprise Financial Services LLC since June 8, 2020.
