William Aubrey Morrow (also known as W. Aubrey Morrow) of San Diego California a stockbroker and investment adviser representative of Independent Financial Group (IFG) is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $100,000.00 in damages founded upon allegations that they were placed into unsuitable direct investments including direct participation program interests and limited partnership interest during the period that Morrow was employed by Independent Financial Group. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01511 (May 10, 2020). According to the claim, the high-risk investments did not align with the customer’s tolerance for risk and their investment objectives.
Morrow has been identified in twelve additional customer initiated investment related disputes containing accusations of his improper actions when he was associated with securities broker dealers including Independent Financial Group. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim regarding Morrow’s conduct was settled for $145,000.00 in damages supported by allegations of negligence and unsuitability regarding a tenant-in-common investment purchase through Morrow. The claim also alleges that Morrow made misrepresentations relating to the transaction. The customer was allegedly defrauded, according to the claim.
A different customer initiated investment related FINRA securities arbitration claim concerning Morrow’s activities was settled for $233,000.00 in damages based on accusations of Morrow being sold unregistered securities relating to two tenant-in-common investments when he was registered with Independent Financial Group. According to the claim, the stockbroker made omissions and misrepresentations. The claim alleges that the customer received poor investment advice.
Morrow is also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $250,000.00 in damages founded upon allegations that Morrow breached a fiduciary duty to them regarding TIC investments through Morrow and IFG. The claim alleges negligence and misrepresentation as well as violation of California Corporate Code.
Another customer initiated investment related FINRA securities arbitration claim involving Morrow’s conduct was settled for $75,000.00 in damages supported by accusations that Morrow gave them unsuitable advice that resulted in damages. According to the claim, state and federal securities laws were violated through these TIC transactions. The claim also contains allegations of breach of fiduciary duty by the stockbroker.
Another customer initiated investment related FINRA securities arbitration claim regarding Morrow’s activities was settled for $380,000.00 in damages based on accusations that Morrow breached his contractual obligations and breached a fiduciary duty relating to TIC products. According to the claim, Morrow misrepresented information and failed to properly inform them about these transactions. The claim also alleges unsuitable trading.
On April 29, 2016, a different customer initiated investment related FINRA securities arbitration claim concerning Morrow’s conduct was settled for $100,000.00 in damages founded upon allegations of fraud and violation of California Securities Act. According to the claim, there was a breach of fiduciary duty and breach of contract. The claim alleges that Independent Financial Group failed to supervise Morrow’s activities.
Morrow’s stockbroker and investment adviser representative registrations with Independent Financial Group have been terminated as of July 31, 2018. Since August 3, 2018, he has been registered with Concorde Investment Services as a stockbroker and investment adviser representative.
