William Michael Council (also known as Bill Council) of San Diego California a stockbroker formerly registered with Raymond James Associates Inc. and DA Davidson Co. is referenced in a customer initiated investment related arbitration claim which was resolved for $50,000.00 in damages supported by allegations that Council’s investment recommendations were not suitable for the DA Davidson customer as it pertained to mutual funds as well as over-the-counter equities and stocks. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04049 (Apr. 15, 2019).
FINRA Public Disclosure confirms that Council has been identified in two additional customer initiated investment related disputes containing accusations of Council’s misconduct during the time that he was employed by DA Davidson and Raymond James. Council is the subject of a customer initiated investment related arbitration claim where the customer was awarded $26,634.00 in damages based upon findings of violations of Florida Securities and Investor Protection Act. FINRA Arbitration No. 18-04051. (Sept.25, 2019).
The Statement of Claim alleges the failure to supervise transactions effected in the customer’s account including investments in BreitBurn Energy Partners LP and Linn Energy LLC. The claim also alleges that investment recommendations were not suitable for the customer. The FINRA Arbitrator found that the customer was not a sophisticated or experienced investor and that these energy investments constituted a large portion of the customer’s overall portfolio. The Arbitrator found that the risks contained in Linn and BreitBurn rendered them unsuitable for the customer.
On April 19, 2019, another customer initiated investment related arbitration claim involving Council’s conduct was settled for $28,000.00 in damages based upon allegations that bad advice was provided by Council which resulted in losses for the DA Davidson customer’s account. FINRA Arbitration No. 19-00010 (Apr. 19, 2019).
Council was registered with DA Davison Co. until January 1, 2015. He was registered with Raymond James between January 16, 2015 and August 20, 2020.
