William Danny Chancellor of Ridgeland Mississippi a stockbroker formerly employed by First Allied Securities, Inc. is referenced in a customer initiated investment related arbitration claim which settled for $20,000.00 in damages based upon allegations that (1) misrepresentations and omissions had been made to the customer concerning the risks and fees of direct participation program or limited partnership interests purchased by the customer (2) the customer had been charged excessive commissions and fees in reference to investments and (3) unsuitable investment recommendations had been made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01302 (June 15, 2018).
Additionally, on November 4, 2011, a customer filed an investment related complaint involving Chancellor’s conduct where the customer sought $60,000.00 in damages supported by accusations that while Chancellor was associated with Cambridge Investment Research, he neglected to follow the customer’s instructions in reference to a securities purchase effected in the customer’s account.
FINRA Public Disclosure further reveals that Chancellor has been twice fined and suspended by securities regulators based upon Chancellor’s consent to findings of him violating rules of the securities industry. For example, Chancellor had been fined $12,500.00 and suspended for one year in all principal capacities in the State of Mississippi by the Office of the Mississippi Secretary of State Securities Department based upon Chancellor’s consent to the Department’s findings that while Chancellor was associated with Cambridge Investment Research: (1) Chancellor permitted an associate to forge the signatures of a customer on documentation; (2) Chancellor placed a transaction in the customer’s account without apprising the customer about the risk factors pertaining to the transactions; and (3) Chancellor failed to correspond with a customer in reference to the customer’s investment account transactions. Case No. S-11-0259 (Sept. 18, 2012). The Mississippi Securities Department found that Chancellor’s conduct was violative of the Missouri Securities Act.
Chancellor’s registration with First Allied Securities, Inc. has been terminated as of January 4, 2017.
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