Walter Warren Parker of Rowlett Texas a stockbroker formerly registered with Titan Securities is referenced in a customer initiated investment related written complaint which was resolved for $10,000.00 in damages on September 20, 2019 supported by accusations that the customer had been inappropriately sold real estate security products and at least four of the customer’s investments have failed to generate distributions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Parker has been identified in twelve more customer initiated investment related disputes that concern allegations of his misconduct while employed with Titan Securities. Specifically, a customer initiated investment related arbitration claim concerning Parker’s activities was settled on October 16, 2017 for $60,000.00 in damages based upon accusations that misrepresentations had been made concerning the customer’s investments; and viatical settlement transactions failed to be suitable. On February 15, 2019, a customer initiated investment related complaint in regard to Parker’s conduct was resolved for $37,991.23 in damages founded on allegations that direct participation program interests or limited partnership interests failed to be suitable for the customer given the customer’s objectives for investing, tolerance for risk or overall investment circumstances.
Parker is the subject of another customer initiated investment related arbitration claim in which the customer sought $270,000.00 in damages supported by accusations that Titan Securities failed to supervise direct investments sold to the customer; false or misleading information had been provided by the stockbroker; contractual and fiduciary obligations were breached; the customer’s assets were over-concentrated in speculative and inappropriate investments; and the Titan Securities stockbroker handled the customer’s account with poor care. FINRA Arbitration No. 19-00514 (Feb. 28, 2019).
In addition, a customer filed an investment related arbitration claim regarding Parker’s conduct where the customer requested $200,000.00 in damages based upon allegations that contractual obligations to the customer had not been complied with; fiduciary obligations were breached; the customer’s account was administered negligently; and the customer was defrauded by purchasing Life Partners Waco Life Settlements, Cornerstone REIT and United Development Funding 4. FINRA Arbitration No. 19-01624 (June 17, 2019).
Also, Parker is referenced in a customer initiated investment related arbitration claim which was settled for $10,000.00 in damages founded on accusations that the customer’s account was handled in a negligent manner; a contract was breached; fiduciary duties were disregarded; and the customer’s account failed to be supervised by Titan Securities which led the customer to experience losses on Bluerock, a direct private placement investment. FINRA Arbitration No. 19-02051 (Aug. 30, 2019).
FINRA Public Disclosure additionally confirms that Parker has been fined $7,500.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he gave bad investment advice to customers of Titan Securities. Letter of Acceptance Waiver and Consent No. 2016050492101 (Apr. 18, 2018). According to the AWC, Parker lacked an adequation foundation to conclude that his real estate investment trust recommendations were appropriate given the customer’s financial needs, experience, risk tolerance and age. Allegedly, the customer was advised to purchase BEMT, ARC3, ARC4, ARCHT, and UDF4. His advice led the customer to suffer catastrophic losses on alternative investments. FINRA found Parker’s bad advice to be violative of FINRA Rules 2010 and 2111.
Parker’s registration with Titan Securities has been terminated as of March 7, 2018.