William Lee Campbell, a former stockbroker at David Lerner Associates Inc. in White Plains, New York was sanctioned by the Financial Industry Regulatory Authority (FINRA) for making unsuitable investment recommendations involving energy-related limited partnerships. Letter of Acceptance, Waiver, and Consent (AWC) No. 2019063686209.
Between August 2015 and August 2017, Campbell recommended investments in limited partnerships that acquired and developed oil and gas properties to five customer households. These partnerships carried substantial risks as they depended heavily on the performance of the underlying oil and gas properties to generate returns. Campbell’s customers included seniors and inexperienced investors seeking low-risk options for monthly income, making the recommendations unsuitable for their investment profiles.
Examples cited by FINRA include a retired 73-year-old customer who invested $312,000 and a 28-year-old unemployed individual who invested $100,000 from an injury settlement. Campbell earned $28,904.40 in commissions from these transactions. Without admitting or denying the findings, Campbell consented to the imposed sanctions.
On October 22, 2024, FINRA imposed a nine-month suspension, a $10,000 fine, and ordered Campbell to return $28,904.40 in commissions earned from the transactions. Campbell’s suspension will end on July 21, 2025.
FINRA Public Disclsoure shows that on March 17, 2022, while registered with David Lerner Associates, Campbell was named in a customer arbitration claim alleging unsuitable recommendations, misrepresentation, and breach of contract. The allegations spanned from September 27, 2016, to March 17, 2022, with the customer seeking $5,000 in damages. On October 16, 2023, the matter was settled for $14,999, paid by David Lerner Associates Inc.
Another complaint, filed on August 11, 2020, alleged unsuitability and sought $95,380.76 in damages. On October 7, 2020, David Lerner Associates denied the claim, and no compensation was awarded.
Campbell was employed with David Lerner Associates Inc. in White Plains, New York, from October 14, 2002, to May 18, 2023.
