William Joseph Conn (also known as Bill Conn), of San Francisco, California, a stockbroker formerly registered with Raymond James Associates Inc., has been fined $15,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Conn engaged in unauthorized trading effected without the written permission required by both industry rules and Raymond James policy. Letter of Acceptance, Waiver, and Consent No. 2022075925601 (April 7, 2025).
According to the AWC, FINRA’s regulatory action against Conn followed a notice submitted by Raymond James on August 5, 2022, which stated that Conn had been discharged because he allegedly failed to follow internal policies regarding discretionary trading and payments to customers. FINRA launched its investigation after reviewing this disclosure.
FINRA found that between January 2020 and March 2021, Conn placed a total of 465 trades in 12 accounts belonging to five customers. Although the customers were aware Conn was making trades on their behalf, he did not have their written consent to do so. Additionally, Conn had not received written approval from Raymond James to handle the accounts on a discretionary basis, which the firm’s policies required.
FINRA stated that in order for stockbrokers to engage in discretionary trading, they must obtain written authorization from customers beforehand, and securities broker dealers must formally approve the arrangement. Therefore, Conn violated FINRA Rules 3260(b) and 2010.
FINRA Public Disclosure also shows that Conn is referenced in six customer initiated investment related disputes concerning Conn’s conduct while associated with securities broker dealers. On April 25, 2001, a customer initiated investment related securities arbitration claim involving Conn’s conduct was settled for $40,000.00 in damages based upon allegations that Conn made misrepresentations of material fact, engaged in unauthorized trading, committed fraud, breached a contract, was negligent, and breached his fiduciary duties in connection with the sale of stocks when Conn was associated with Salomon Smith Barney. NASD Arbitration No. 01-01352.
On March 1, 2022, a customer initiated investment related FINRA securities arbitration claim involving Conn’s conduct was settled for $525,000.00 in damages based upon allegations that Conn mismanaged investment accounts and made unsuitable recommendations in stocks, options, and margin use when Conn was associated with Raymond James Associates Inc. FINRA Arbitration No. 20-03351.
On March 3, 2023, a FINRA securities arbitration claim involving Conn’s conduct was settled for $613,000 in damages based upon allegations that Conn engaged in unsuitable trading and overconcentrated the customer’s accounts in stocks and options. The claim also alleged that Conn engaged in unauthorized trading in stocks, charged excessive commissions, and made omissions of material fact about the risks of an options strategy when Conn was associated with Raymond James Associates Inc. FINRA Arbitration No. 22-02547.
Conn was also referenced in a customer complaint that was settled on May 11, 2023, for $1,500,000.00 in damages based upon allegations that Conn made unsuitable investment recommendations.
On July 26, 2023, another customer filed an investment related complaint involving Conn’s conduct in which the customer requested damages based upon allegations that Conn engaged in unsuitable trading. The complaint also alleged potential churning of the customer’s account.
Conn was associated with International Assets Advisory LLC in San Francisco, California from September 13, 2022 to October 9, 2023. He was associated with Raymond James Associates Inc. in San Francisco, California from May 3, 2018 to August 5, 2022, and J.P. Morgan Securities LLC in San Francisco, California from March 28, 2012 to May 8, 2018.
