William Franklin Richardson (also known as Frank Richardson) of Houston, Texas, a stockbroker formerly registered with Investacorp Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $90,000.00 in damages based upon accusations of unsuitable Business Development Company and Real Estate Investment Trust purchases by Richardson while he was registered with Investacorp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01807 (May 18, 2021).
FINRA Public Disclosure shows that Richardson has been identified in five additional customer initiated investment related disputes containing allegations of his conduct when he was registered with Next Financial Corp and Investacorp. A customer filed an investment related complaint concerning Richardson’s activities where the customer sought $32,620.11 in damages founded on accusations of a misrepresented variable annuity by Richardson during the time that he was employed by Next Financial Group.
Richardson is identified in a customer initiated investment related written complaint which was settled for $34,920.05, supported by allegations of Richardson’s negligence relating to the customer’s RMDs on an annuity. Another customer filed an investment related complaint involving Richardson’s conduct in which the customer requested $22,000.00 in damages based upon accusations of an unsuitable annuity recommended to them given their age at the time of sale.
Another customer filed an investment related complaint regarding Richardson’s activities where the customer sought $50,000.00 in damages founded on allegations of alternative investments having been unsuitable for the customer. The complaint alleges that the customer sustained damages on an oil and gas limited partnership.
Richardson is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $100,000.00 in damages supported by accusations of unsuitable alternative investments, including non-traded real estate investments, DPPs, and LPs by Richardson when he was associated with Investacorp. FINRA Arbitration No. 18-03731 (November 5, 2018).
Richardson was registered with Investacorp as a stockbroker between January 5, 2012, and July 17, 2020, Investacorp Advisory Services Inc. as an investment adviser representative between January 5, 2012, and July 17, 2020, Securities America Inc. as a stockbroker between July 17, 2020, and October 12, 2020, and Securities America Advisors Inc. between July 17, 2020, and October 12, 2020. Since October 8, 2020, Richardson has been employed by Avantax Investment Services Inc. as a stockbroker and Avantax Advisory Services as an investment adviser representative.