Walter Warren Parker of Addison, Texas, a stockbroker formerly registered with Titan Securities, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought between $50,000.00 and $100,000.00 in damages founded on allegations of unsuitable alternative investments, including BDCs and real estate securities when Parker was associated with Titan Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02326 (September 15, 2021). The claim alleges that the customer’s account had been overconcentrated in illiquid investments.
FINRA Public Disclosure shows that Parker has been identified in seventeen additional customer initiated investment related disputes concerning accusations of his conduct while registered with securities broker dealers, including Titan Securities.
On May 12, 2021, a customer initiated investment related FINRA securities arbitration claim concerning Parker’s activities was resolved for $30,000.00 in damages supported by allegations of breach of fiduciary duty, negligence, breach of contract, and fraud pertaining to Cornerstone REIT, Life Partners Waco Life Settlements, and United Development Funding IV while Parker was registered with Titan Securities. FINRA Arbitration No. 19-01624.
Parker is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $10,000.00 in damages based upon accusations of negligent supervision, negligence, breach of fiduciary duty, and breach of contract in regard to a direct private placement known as Bluerock during the time that Parker was employed by Titan Securities. FINRA Arbitration No. 19-02051 (August 30, 2019).
On September 20, 2019, another customer initiated investment related complaint involving Parker’s conduct was resolved for $10,000.00 in damages founded on allegations of nonpayment of distributions on four real estate securities. According to the complaint, the customer was not informed about the risk of distributions stopping on the investments.
Parker is also identified in a customer initiated investment related FINRA securities arbitration claim where the customer requested between $100,000.00 and $500,000.00 in damages supported by accusations of breach of fiduciary duty, negligence, fraudulent concealment, and failure to supervise by Titan Securities concerning the alternative investments sold to the customer. FINRA Arbitration No. 20-03929 (December 10, 2020). According to the claim, the customer was defrauded. The claim also alleges misrepresentation relating to real estate securities when Parker was associated with Titan Securities.
On December 14, 2020, another customer filed an investment related FINRA securities arbitration claim regarding Parker’s activities in which the customer sought $81,000.00 in damages based upon allegations of omissions, misrepresentation, negligence, failure to supervise, violation of state securities laws, breach of contract, and breach of fiduciary duty relating to the real estate securities transactions through Parker while he was registered with Titan Securities. FINRA Arbitration No. 20-04043.
Parker is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $95,000.00 in damages founded on accusations of negligence and breach of fiduciary duty concerning a private placement and real estate security transaction during the time that Parker was employed by Titan Securities. FINRA Arbitration No. 21-00290 (February 3, 2021).
On September 28, 2021, an additional customer initiated investment related FINRA securities arbitration claim concerning Parker’s conduct was settled for $50,000.00 in damages supported by allegations of sales practice violations when Parker was associated with Titan Securities.
In fact, Parker was fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he made unsuitable recommendations to customers concerning alternative investments while he was registered with Titan Securities. Letter of Acceptance, Waiver, and Consent No. 2016050492101 (April 18, 2018).
According to the AWC, Parker made recommendations of alternative investments, including Maryland REIT, ARC3, ARCHT, UDF4, and IEFF. The customer incurred substantial losses on the alternative investments. For example, the customer lost their investment in UDF4 when the issuer was investigated for fraud. The customer’s investment in IEFF declined in value because it couldn’t be liquidated. The customer’s losses were so severe that they had to reenter the workforce. Parker’s recommendations were not consistent with the customer’s liquidity needs, investment horizon, investment experience, and financial needs. Parker violated FINRA Rules 2010 and 2111.
Parker was employed by Titan Securities between August 1, 2006, and March 7, 2018.
