William Savary of Gig Harbor, Washington, a stockbroker registered with Abraham Securities Corporation and previously with Spencer-Winston Securities Corporation, has been fined $5,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Savary engaged in unauthorized trading. Letter of Acceptance, Waiver, and Consent No. 2022074468401 (November 2, 2023).
In December of 2015, Savary entered into an agreement granting him full control over someone else’s self-directed brokerage account. He accessed this account online and engaged in trading without the account owner’s knowledge or approval. His involvement with Spencer-Winston Securities Corporation began in August 2019. During this period, he continued his unauthorized trading without notifying the firm.
He was found by FINRA to have engaged in similar conduct while associated with Abraham Securities in May 2021. Over time, Savary executed 90 securities purchases, amounting to $1,746,309, in the brokerage account while being associated with both Spencer-Winston and Abraham Securities. For managing this account, he received compensation totaling $234,532 in 2021 and 2022. Therefore, Savary violated FINRA Rules 2010 and 3280.
FINRA Public Disclosure shows that William Savary was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $119,250.00 in compensatory damages because Savary and Monarch Financial Corporation of America were held jointly liable for sales practice violations. FINRA Arbitration No. 97-00873 (March 17, 2000). The Statement of Claim alleged failure to supervise, breach of fiduciary duty, manipulation, and churning when Savary was associated with Monarch Financial Corporation of America.
On July 30, 2010, a customer initiated investment related FINRA securities arbitration claim involving Savary’s conduct resulted in the customer being awarded $226,419.59 in compensatory damages because Savary and Global Trading Group Inc. were held jointly liable for sales practice violations. FINRA Arbitration No. 09-04019. The Statement of Claim alleged breach of contract, breach of fiduciary duties, common law fraud, misrepresentation of material facts, conversion, and negligence in connection with the sale of stocks and options when Savary was associated with Global Trading Group Inc.
Savary was associated with Spencer-Winston Securities Corporation in New York, New York from October 3, 2019, to July 23, 2020. He has been associated with Abraham Securities Corporation in Gig Harbor, Washington since August 12, 2021.
