William Sideny Friedman of Boca Raton, Florida, a stockbroker formerly registered with Pinnacle Investments, is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $50,000.00 in damages based upon accusations that Friedman breached a fiduciary duty and made unauthorized trades when he was registered with Pinnacle Investments, Woodstock Financial Group, and Newbridge Securities Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00808 (February 4, 2022). According to the claim, the broker made misrepresentations and unsuitable recommendations in connection with common and preferred stock transactions. The claim also alleges failure to supervise and negligence.
Friedman has been identified in three more customer initiated investment related disputes concerning his conduct during the period that he was registered with securities broker dealers, including Pinnacle Investments, Newbridge Securities Corporation, and Raymond James Financial Services Inc. FINRA Public Disclosure shows that a customer filed an investment related complaint involving Friedman’s activities where the customer sought compensatory damages because Friedman allegedly made unsuitable recommendations of equities and mutual funds transactions during the time that he was registered with Raymond James Financial Services.
Friedman is referenced in a Newbridge Securities Corporation FINRA securities arbitration claim, which was resolved for $10,000.00 in damages based upon allegations that Friedman breached his fiduciary duties and used an unsuitable trading strategy regarding mutual funds, common and preferred stocks, over-the-counter equities and corporate bonds.
Friedman is the subject of a FINRA securities arbitration claim in which the customer was awarded $250,000.00 in compensatory damages. The Statement of Claim alleged violation of state and federal securities laws, fraud, negligence, breach of contract, and breach of fiduciary duty. Friedman was held liable for his omissions and misrepresentations and his unauthorized, excessive, and unsuitable trades in the customer’s account. Friedman was sanctioned by FINRA on October 5, 2021, for failing to pay this award.
Friedman has already been barred from associating with any FINRA member in any capacity for allegedly failing to respond to FINRA’s request for information. Case No. 2021070752201 (October 5, 2021). According to FINRA Public Disclosure, Friedman was issued a Suspension from Association letter on July 2, 2021, and a Notice of Suspension letter on July 26, 2021. Friedman did not request termination of the FINRA suspension by an October 3, 2021 deadline. Accordingly, FINRA automatically barred him the following day.
Friedman was associated with Newbridge Securities Corporation between June 29, 2007, and November 1, 2017, Woodstock Financial Group between October 27, 2017, and December 9, 2019, and Pinnacle Investments between January 27, 2020, and October 2, 2020.
