William Franklin Richardson Jr. (also known as Frank Richardson Jr.) of Houston Texas a former stockbroker and investment adviser representative of Investacorp has been referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested unspecified damages founded on accusations that they had been sold unsuitable business development company products and real estate securities by Richardson during the period that he was associated with Investacorp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01807 (June 9, 2020).
Richardson has been identified in five more customer initiated investment related disputes concerning allegations of his improper conduct during the time that he was employed by Next Financial Group Inc. FINRA Public Disclosure confirms that a customer filed an investment related complaint involving Richardson’s conduct in which the customer sought $32,620.11 in damages supported by accusations of a variable annuity having been misrepresented and unsuitable for the customer.
Another customer initiated investment related complaint concerning Richardson’s activities was settled for $34,920.05 in damages based upon allegations of Richardson’s negligence as it pertained to a variable annuity that had been sold to the customer while Richardson was associated with Next Financial Group. Richardson is also the subject of a customer initiated investment related written complaint where the customer requested $22,000.00 in damages founded on accusations that they had been placed into an inappropriate variable annuity because of Richardson.
A different customer filed an investment related complaint regarding Richardson’s conduct in which the customer sought $50,000.00 in damages supported by allegations that an unsuitable limited partnership investment was sold to them by Richardson at Next Financial Group. The complaint alleges that the customer experienced damages on oil and gas securities.
Richardson has additionally been referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $100,000.00 in damages based upon accusations of unsuitable alternative investment sales by Richardson. FINRA Arbitration No. 18-03731 (Sept. 24, 2019). According to the claim, the customer invested in real estate investment trusts, direct participation programs or limited partnerships.
Richardson was registered with Investacorp Inc. and Investacorp Advisory Services Inc. between January 5, 2012 and July 17, 2020. Between July 17, 2020 and October 12, 2020, he was associated with Securities America. Since October 8, 2020, he has been registered as a stockbroker of Avantax Investment Services and registered as an investment adviser representative of Avantax Advisory Services.