William David Lancaster of Wagoner Oklahoma a stockbroker formerly employed by Edward Jones has been barred by the Administrator of the Oklahoma Department of Securities from working as a stockbroker or investment adviser representative for twenty-four months founded on accusations that the stockbroker engaged in dishonest or unethical business practices when he was employed by Edward Jones. In the Matter of William David Lancaster ODS File No. 18-085 (June 20, 2018).
According to the Oklahoma Department of Securities, on December 12, 2017, an internal investigation into Lancaster was commenced by Edward Jones when its field supervision director suspected that trades were effected in customer accounts by Lancaster on a discretionary basis without customers having provided any authorization to him.
The Oklahoma Department of Securities also stated that an application for stockbroker registration was submitted by Lancaster containing false statements. Lancaster allegedly stated to the Department that he did not know about Edward Jones investigating him for discretionary trading. Lancaster was provided an opportunity to respond to the Enforcement Division’s Recommendation of the stockbroker being barred but the stockbroker never responded by the deadline or otherwise requested a hearing.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Lancaster is also referenced in a customer initiated investment related complaint in which the customer requested at least $5,000.00 in damages supported by allegations that the customer’s funds were invested in HCKAX instead of a money market fund as the customer intended. The complaint also alleges that the customer was not provided a prospectus from Lancaster in regard to the mutual funds that he sold to the customer while at Edward Jones.
Lancaster’s registration with Edward Jones has been terminated as of February 6, 2018. His subsequent securities broker dealer employer Arvest Wealth Management terminated his registration on March 28, 2018 based upon accusations of Lancaster being subject of a disciplinary action by Oklahoma Department of Securities containing allegations of his discretionary trading in customer accounts and provision of a misleading application to the regulator.
