Stephen Joe Williams of Madison Alabama a stockbroker currently registered with Next Financial Group is the subject of a customer initiated investment related written complaint which was resolved for $24,000.00 on November 2, 2018 supported by accusations that the customer was sold illiquid and inappropriate real estate securities that have since become worthless.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Williams is referenced in six more customer initiated investment related disputes containing allegations of his violative conduct while employed with Next Financial Group Inc. Particularly, a customer initiated investment related complaint concerning Williams’ conduct was settled to resolve accusations that unfounded statements had been made to the customer by Williams concerning oil and gas products.
Another customer initiated investment related arbitration claim involving Williams’ activities was resolved for $50,000.00 in damages based upon allegations that misrepresentations had been made concerning Provident Shale Royal Ties 8 – an oil and gas product; and transactions effected in this regard were not suitable for the customer. An additional customer initiated investment related arbitration claim concerning Williams’ conduct was settled to resolve accusations of unsuitability as it related to non-traded real estate securities sold to the customer during the period in which Williams was employed by Next Financial Group. FINRA Arbitration No. 17-01924 (Dec. 6, 2017).
On February 7, 2018, a customer filed an investment related complaint in which the customer sought $50,000.00 in damages founded on allegations that misrepresentations had been made to the customer by Williams concerning the liquidity and risks of UDF III at the time that the investment was solicited by him. He is also subject of a customer initiated investment related arbitration claim which was resolved on February 14, 2018 for $37,500.00 in damages supported by accusations that the customer had been placed into five non-traded real estate investment trust products that were in no way appropriate for the customer. FINRA Arbitration No. 17-01925 (Feb. 14, 2018).
Moreover, a customer filed an investment related arbitration claim regarding Williams’ conduct in which the customer requested $350,000.00 in damages based upon allegations of Williams’ bad investment advice as it pertained to the non-traded real estate investment trusts sold to the customer; and Williams’ false or misleading statements concerning the terms, conditions and risks of investing in real estate securities. FINRA Arbitration No. 18-00644 (Feb. 26, 2018).
Williams has been registered with Next Financial Group Inc. since February 2, 2017.
