William August Glaser (also known as Bill August Glaser) of Saint Albans Missouri a stockbroker registered with National Planning Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $600,000.00 in damages founded on accusations that (1) false or misleading statements had been made to the customer concerning promissory note products and (2) the customer was provided unsuitable investment advice regarding the purchase of a promissory note when Glaser was associated with National Planning Corporation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02146 (June 14, 2018).
FINRA Public Disclosure confirms that Glaser is referenced in three more customer initiated investment related disputes containing allegations of his misconduct during the time that he was associated with National Planning Corporation. In fact, a customer filed an investment related arbitration claim concerning Glaser’s activities where the customer sought damages estimated to exceed $5,000.00 supported by allegations of the customer’s account being negligently supervised; fiduciary and contractual duties having been breached; omissions and misrepresentations concerning real estate security, promissory note and variable annuity products; negligent handling of the customer’s investment account; and transactions failing to comply with Missouri Securities Act. FINRA Arbitration No. 17-02420 (Sept. 15, 2017).
Another customer initiated investment related arbitration claim involving Glaser’s activities was resolved for $390,000.00 in damages based upon accusations that contractual obligations were breached; the customer’s account lacked supervision from National Planning Corporation; fiduciary duties had been violated; investment recommendations made to the customer were not suitable; and promissory note or annuity transactions ran afoul of FINRA Rules 3110 and 2111, Missouri Consumer Protection Act and Missouri Securities Act. FINRA Arbitration No. 17-01425 (Oct. 2, 2017).
Glaser is also the subject of a customer initiated investment related complaint on February 20, 2018 in which the customer requested $3,931,721.00 in damages founded on accusations including negligent supervision, omissions, malfeasance, violation of Missouri Consumer Protection Act, violation of Missouri Securities Act, failure to supervise, breach of fiduciary duty, and violation of FINRA Rules in regard to the promissory notes sold to the customer when Glaser was employed by National Planning Corporation.
FINRA Public Disclosure additionally reveals that Glaser has been barred from associating with any FINRA member in any capacity based upon findings of Glaser failing to cooperate in an investigation into the basis of National Planning Corporation’s termination of Glaser’s registration with the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2017054809301 (Sept. 5, 2017).
According to the AWC, in July of 2017, information and documentation had been requested of Glaser in regard to the allegations cited by National Planning Corporation when discharging him. National Planning Corporation alleged that Glaser sold away from the firm and confessed to having made undisclosed and unapproved private investments. Glaser’s response to FINRA was due July 30, 2017 under Rule 8210; however, he failed to furnish the documentation by the deadline. Another request for Glaser’s information and documentation had been made by FINRA but to no avail. FINRA found Glaser’s refusal to cooperate to be violative of FINRA Rules 2010 and 8210.
