William Ferrell Albin, of Las Vegas, Nevada, a stockbroker registered with Waddell & Reed, Inc., has been terminated from employment on July 21, 2016, based upon allegations that he violated policies of the firm by exercising discretion in customer accounts without the customers’ written authorization.
This is not the first time that Albin has been terminated from a brokerage firm for misconduct. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on February 11, 2003, Albin was terminated from RBC Dain Rauscher based upon allegations that he effected transactions in a customer’s account without the customer’s written consent.
Albin has been identified in customer initiated investment related disputes concerning allegations of his conduct while he was associated with Smith Barney, Inc. Particularly, on December 16, 1996, a customer initiated investment related arbitration claim involving Albin’s conduct was settled for $26,849.00 in damages based upon allegations that Albin negligently handled the customer’s investment account, breached his fiduciary obligations, churned the customer’s account and effected unsuitable transactions. Smith Barney, Inc. was alleged by the customer to have failed to supervise Albin’s conduct.
Subsequently, on December 29, 1997, a customer initiated investment related written complaint regarding Albin’s activities was resolved for $17,000.00 in damages based upon allegations that Albin made misrepresentations to the customer concerning equity products.
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