Bill Young: Ex-Kingswood Capital Advisor Faces GWG Complaint

Rockville, Maryland financial advisor Bill Young (CRD# 4787488) recently received an investor complaint alleging that he misrepresented an investment in GWG Holdings. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Ameriprise Financial Services.

Mr. Young’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2024, alleges that as a representative of Kingswood Capital Partners, he misrepresented an investment in GWG Holdings to a retiree whom he recommended invest $40,000 of her IRA in GWG. The pending complaint alleges damages of $40,000.

A second investor complaint, filed in 2023, alleged that as a Kingswood Capital Partners representative, he breached contract, acted negligently, misrepresented material facts, violated Regulation Best Interest, and breached his fiduciary duty in connection with a private placement investment. The complaint reached a settlement of $22,000.

A third investor complaint, filed in 2020, alleged that as an H. Beck representative, he misrepresented and recommended unsuitable BDCs and REITs. In 2022 the complaint reached a settlement of $30,000.

A fourth investor complaint, filed in 2018, similarly alleged that as an H. Beck representative, he unsuitably over-concentrated the customer’s portfolio in high-risk REITs and energy investments. In 2019 the complaint reached a settlement of $24,000.

According to the Financial Industry Regulatory Authority, Bill Young holds 19 years of securities industry experience. Based in Rockville, Maryland, he has been registered as a broker and an investment advisor with Ameriprise Financial Services since 2023. His past registrations include Kingswood Capital Partners, Niagara Wealth Management, H. Beck, United Brokerage Services, TD Ameritrade, M&T Securities, American Express Financial Advisors, and IDS Life Insurance. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Alaska, California, Delaware, the District of Columbia, Florida, Maine, Maryland, New Jersey, Oregon, Texas, and West Virginia. (Information current as of September 7, 2024.)

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