William Michael Robertson of Deer Park, Texas, a stockbroker formerly registered with First Allied Securities Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $100,000.00 in damages based upon allegations of negligence and breach of contract in regard to real estate security transactions executed by Robertson during the time that he was employed by First Allied Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02512 (October 5, 2021). According to the claim, Robertson made misrepresentations to the customer regarding real estate securities. The claim also contains accusations of breach of fiduciary duty resulting in damages.
Robertson has been identified in five more customer initiated investment related disputes concerning his conduct and activities while employed by First Allied Securities. FINRA Public Disclosure reveals that a customer initiated investment related complaint concerning Robertson’s conduct was settled for $45,000.00 in damages supported by accusations that limited partnerships and mutual funds were misrepresented by Robertson when he was associated with Dean Witter. According to the Complaint, Robertson gave the customer unsuitable advice concerning those investments.
Another customer initiated investment related arbitration claim involving Robertson’s conduct was resolved for $110,000.00 in damages founded on allegations of inappropriate margin use, unsuitable over-the-counter equities, unauthorized trading, and churning of the customer’s over-the-counter equities portfolio while Robertson was registered with First Allied Securities.
On November 27, 2018, a different customer initiated investment related complaint regarding Robertson’s activities was resolved for $3,500,000.00 in damages based upon accusations of failure to supervise by First Allied Securities and First Allied Advisory Services in regard to municipal bonds, unit investment trusts (UITs), auction-rate securities, and non-traded real estate investment trusts (non-traded REITs). According to the claim, the stockbroker misrepresented and failed to disclose information in regard to the customer’s investments in those alternative investments. The claim also contains allegations of breach of fiduciary duty, resulting in losses to the customer.
On April 30, 2019, another customer initiated investment related arbitration claim concerning Robertson’s conduct was settled for $8,000.00 in damages supported by accusations of breach of contract, breach of fiduciary duty, negligence, and failure to supervise Robertson’s real estate security transactions. According to the claim, the financial advisor provided unsuitable advice to the customer. FINRA Arbitration No. 18-03383 (April 30, 2019).
