William Nicholas Athas of Melville New York a stockbroker formerly registered with KC Ward Financial is the subject of a customer initiated investment related arbitration claim which was resolved for $95,000.00 in damages based upon accusations that the customer was defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00213 (Feb. 22, 2018).
According to the claim, transactions were not effected in good faith but instead in a deceptive and fraudulent manner in violation of Texas State Securities Act during the time that Athas was associated with KC Ward Financial. Margin was purportedly utilized without authorization to effect unsuitable over-the-counter equities transactions. Trades were effected on a discretionary basis without Athas obtaining written permission from the customer or the securities broker dealer. The claim also alleges churning and excessive trading of the customer’s investment portfolio. A fiduciary duty owed to the customer was allegedly breached and a contract relating to the customer’s stock transactions had been violated.
Athas is referenced in seven more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including JP Turner Company, Emmett A. Larkin Company Inc., Liberty Partners Financial Services LLC and KC Ward Financial. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Athas’ conduct was settled for $40,000.00 in damages based upon allegations that over-the-counter equities trades were effected in the customer’s account by the stockbroker without the customer’s knowledge or consent during the time that Athas was associated with JP Turner Company.
Another customer initiated investment related arbitration claim concerning Athas’ activities was resolved for $30,000.00 in damages founded on accusations that misrepresentations were made to the Liberty Partners Financial Services customer about over-the-counter equities. According to the claim, a contract pertaining to the customer’s investments was breached by the stockbroker. Stock trades were made by Athas on an unsuitable basis. The claim also alleges that the customer’s account was churned by Athas and that his negligence caused the customer’s losses.
Athas is also referenced in a customer initiated investment related arbitration claim which was settled for $10,000.00 in damages supported by allegations that transactions were facilitated in the customer’s account in an excessive manner by the stockbroker during the period in which he was employed by Liberty Partners Financial Services.
Athas’ registration with KC Ward Financial has been terminated as of August 2, 2016. He became associated with Worden Capital Management LLC on July 21, 2016.