Timothy David Ballard, of Livermore, California, a stockbroker formerly registered with Securities America, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he neglected to communicate with FINRA about his business activities. Letter No. 2016052555401 (May 12, 2017).
FINRA Public Disclosure reveals that Ballard has been identified in four customer initiated investment related disputes containing allegations of his misconduct while employed with SunAmerica Securities, Inc. and National Planning Corporation. Specifically, on May 29, 2007, a customer filed an investment related written complaint involving Ballard’s conduct, wherein the customer requested $100,000.00 in damages based upon allegations against Ballard of breach of fiduciary duty, negligence, churning, fraud, and unsuitability.
Subsequently, on July 25, 2008, a customer initiated investment related arbitration claim involving Ballard’s conduct was settled for $77,500.00 in damages based upon allegations that he breached his fiduciary duties, negligently managed the customer’s investment portfolio, churned the customer’s assets in equities and options products, and defrauded the customer. Moreover, on May 9, 2016, a customer filed an investment related written complaint regarding Ballard’s activities, in which the customer requested more than $5,000.00 in damages founded upon allegations that Ballard mismanaged the customer’s investment account, which caused the customer to suffer stock losses.
Ballard was fired from Securities America, Inc. on November 14, 2016, based upon allegations that he did not cooperate with the firm’s stated procedures and policies in reference to his business activities.
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