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Atlanta Broker William Davis Suspended: Trading Violations
The Financial Industry Regulatory Authority has sanctioned former Ameriprise Financial Services broker/adviser William Davis (CRD# 811559) following allegations he mis-marked customer trades. Formerly registered with the firm’s office in Atlanta, Georgia, Davis was issued a 15-day suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2018059679301) dated October 2019, William Davis was registered as a General Securities Representative with Ameriprise Financial from April 2016 until August 2019, when the firm terminated his employment. According to FINRA, between May 2018 and June 2018 William Davis “recommended and purchased prohibited securities for seven of his customers” in spite of firm policy forbidding him from soliciting investments in those categories of securities, allowing them to be purchased “only on an unsolicited basis.” FINRA states that he circumvented firm policy by marking the trades as “unsolicited” on order tickets, ultimately mis-marking a total of eight trades in seven accounts. This activity, according to FINRA, resulted in the firm maintaining inaccurate books and records. FINRA found this activity to constitute breaches of FINRA Rule 4511, which requires FINRA members to make and preserve books and records, and FINRA Rule 2010, which requires persons associated with FINRA member firms to follow high standards of commercial honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, Davis was issued a 15-day suspension from associating in any and all capacities with any FINRA member firm. He was also ordered to pay a fine of $5,000.
William Davis is currently not registered with any FINRA member firm. His previous registrations include Ameriprise Financial Services in Atlanta, Georgia, LPL Financial Services in Hyannis, Massachusetts, Drexel Burnham Lambert, and Kidder Peabody & Company. He has passed seven securities industry qualifying examinations and currently holds no state securities licenses. (Information current as of April 19, 2020.)