Switch to ADA Accessible Theme
Close Menu
Free Consultation: 888-976-6111

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.)

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Franklin BSP Realty Trust/Benefit Street Partners Realty Trust Losses

    On October 18th, 2021, the non-traded, publicly registered real estate investment trust (REIT) Franklin BSP Realty Trust completed its merger...

    Read More
  • Sierra Income: Was Non-Traded BDC Investment Too Risky?

    In March 2022 Sierra Income Corp., previously a non-traded business development company (BDC), marked the completion of its merger with...

    Read More
  • Hospitality Investors Trust Bankruptcy: Investors May Have Options

    Hospitality Investors Trust is a publicly registered, non-traded real estate investment trust whose initial offering became effective in 2014 and...

    Read More
  • Thomas Rydell: CFP Board Sanctions Royal Alliance Advisor

    Milpitas, California financial advisor Thomas Rydell (CRD# 5020102) recently received an investor complaint alleging six-figure damages. Records provided by the...

    Read More
  • Previous
  • Next