William Aubrey Morrow of San Diego California a stockbroker formerly registered with Independent Financial Group LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $100,000.00 in damages based upon accusations that (1) unregistered tenant in common investments had been sold to the customer (2) the customer’s account transactions lacked supervision (3) contractual obligations to the customer had been breached (4) fiduciary duties were breached (5) transactions had been effected in the customer’s account without a suitable basis (6) Morrow and the firm’s activities violated California Securities Act and (7) the customer had been defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-00258LA (Apr. 29, 2016).
FINRA Public Disclosure reveals that Morrow is referenced in eleven additional customer initiated investment related disputes pertaining to allegations of his misconduct while employed with Independent Financial Group, LLC and Titan/Value Equities Group, Inc. Specifically, Morrow was named in a customer initiated investment related arbitration claim where the customer was awarded $206,875.01 in compensatory damages according to Morrow being found liable for making misrepresentations to the customers and placing them in unsuitable investments. National Association of Securities Dealers (NASD) Arbitration No. 03-02093 (June 21, 2004). The Arbitration Panel stated that Morrow was the reason for the customer’s investment in DAI and DocuVision, and those investments have been lost and are not worth anything.
On October 13, 2005, another customer initiated investment related civil action involving Morrow’s activities was resolved for $6,500.00 in damages founded on accusations of unsuitable unsecured notes held in the customer’s investment portfolio. Civil Action No. 842974 (Oct. 13, 2005). Then, a customer initiated investment related arbitration claim concerning Morrow’s conduct was resolved for $450,000.00 in damages supported by allegations including breach of contract, breach of fiduciary duty, negligence, unsuitability, and Independent Financial Group’s failure to supervise Morrow’s tenant in common investments. FINRA Arbitration No. 10-03565 (Oct. 18, 2011).
Thereafter, a customer initiated investment related arbitration claim regarding Morrow’s activities was settled for $150,000.00 in damages based upon accusations including breach of fiduciary duty, misrepresentation, negligence, and breach of contract concerning the customer’s real estate investments. FINRA Arbitration No. 10-04708 (June 1, 2012). Another customer initiated investment related arbitration claim involving Morrow’s activities was resolved for $145,000.00 in damages founded on allegations that that the customer had been defrauded, fiduciary duties owed to the customer had been breached, TIC transactions were executed in the customer’s account that failed to be suitable for the customer, and the customer’s account was handled in a negligent fashion. FINRA Arbitration No. 10-05651 (Feb. 23, 2012).
Subsequently, a customer initiated investment related arbitration claim regarding Morrow’s conduct was settled for $233,000.00 in damages supported by accusations that securities had been sold to the customer that were unregistered; recommendations were not appropriate for the customers; omissions had been made relating to the investments; and the tenant in common investments were misrepresented. FINRA Arbitration No. 11-03366 (July 17, 2013). Another customer initiated investment related arbitration claim concerning Morrow’s activities was resolved for $250,000.00 in damages based upon allegations of negligence, misrepresentation, breach of fiduciary duty, and violations of California Corporate Code in reference to the two tenant in common investments that the customer purchased. FINRA Arbitration No. 11-04625 (Mar. 25, 2013).
Further, a customer initiated investment related arbitration claim involving Morrow’s conduct was settled for $75,000.00 in damages founded on accusations that state and federal laws were violated in regards to the customer’s real estate investments. FINRA Arbitration No. 12-01022 (July 17, 2013). Moreover, a customer initiated investment related arbitration claim regarding Morrow’s activities was resolved for $380,000.00 in damages supported by allegations including the breach of fiduciary and contractual obligations, misstatements about investment terms, failure to disclose investment information, and inappropriate investments having been selected for the customers. FINRA Arbitration No. 12-03456 (Jan. 3, 2014).
FINRA Public Disclosure confirms that Morrow was also terminated from prior employer, QA3 Financial Corp, based upon accusations that Morrow solicited business for investments that he apparently knew were prohibited by the firm from being sold by Morrow. Morrow’s registration with Independent Financial Group, LLC was terminated as of July 31, 2018. Since August 1, 2018, he has been employed by Concorde Investment Services, LLC.
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