William Wright Jr. of New York New York a stockbroker formerly registered with National Securities Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings of Wright failing to cooperate during the period that he was investigated for “borrowing” customer funds. Letter of Acceptance Waiver and Consent No. 2020068758101 (Aug. 19, 2021).
According to the AWC, FINRA launched an investigation into Wright because of receiving confirmation from National Securities Corporation that Wright was terminated for misconduct. The securities broker dealer indicated on November 25, 2020 that Wright was terminated, and indicated on January 27, 2021 that he allegedly was borrowing from one of his National Securities Corporation customers.
Wright received instructions from FINRA on June 2, 2021 to turn over information and any documents that pertained to the allegations made against him by National Securities Corporation. The AWC stated that on June 25, 2021, the regulator learned about Wright’s refusal to cooperate with its request. Wright precluded FINRA from determining the nature of his alleged borrowing arrangements. He violated FINRA Rule 2010 and 8210.
FINRA Public Disclosure additionally shows that on October 19, 2020, a customer filed an investment related FINRA securities arbitration claim involving Wright’s conduct where the customer sought $65,000.00 in damages founded on accusations that their instructions were not followed by Wright in regard to investments in common and preferred stock when Wright was associated with National Securities Corporation. FINRA Arbitration No. 21-00037.
Wright was associated with National Securities Corporation between February 20, 2015 and November 25, 2020. He was discharged for the customer loan arrangement.