William Dean Byrd of Tampa Florida a stockbroker formerly employed by Transamerica Financial Advisors Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on accusations that (1) trades were made solely to generate commissions from the customer (2) the customer’s account was over concentrated by the stockbroker in speculative mutual fund investments causing the customer to be exposed to increased risks and (3) transactions were unsuitable given the customer’s objectives for investing and concerns about risks. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00576 (Mar. 29, 2019).
FINRA Public Disclosure confirms that Byrd has been identified in four additional customer initiated investment related disputes concerning allegations of the stockbroker’s bad business practices while registered with Transamerica. Specifically, Byrd is the subject of a customer initiated investment related complaint in which the customer requested $111,360.59 in damages supported by accusations that the customer suffered unwarranted losses because of the stockbroker’s bad investment recommendations of closed end funds and mutual funds while associated with Transamerica Financial Advisors.
Another customer initiated investment related arbitration claim in regard to Byrd’s activities was resolved for $83,500.00 in damages based upon allegations that during the period that Byrd was employed by Transamerica Financial Advisors, investment recommendations were unsuiable given the customer’s risk aversion or financial needs; and mutual fund and common or preferred stock transactions caused the customer to suffer losses. FINRA Arbitration No. 15-00961 (Dec. 7, 2015).
Also, a customer initiated investment related arbitration claim in reference to Byrd’s conduct was settled for $42,500.00 in damages founded on accusations that while Byrd was registered with Transamerica Financial Advisors, the customer’s account was over concentrated by the stockbroker in aggressive investments; fiduciary duties had been breached; false or misleading statements were made by the stockbroker pertaining to investments; and unit investment trust investment recommendations failed to be suitable in view of the customer’s objectives for investing, tolerance for risk or financial needs. FINRA Arbitration No. 16-01444 (Nov. 3, 2016).
Byrd’s employment with Transamerica Financial Advisors has been terminated as of March 21, 2016. He has been registered with BB Graham Company Inc. since August 8, 2019.
