Former Fresno financial advisor Steven Hirata (CRD# 1188927) was recently sanctioned by the Financial Industry Regulatory Authority for allegedly refusing...Read More
Bill LeBeouf: FINRA Suspends Ex-Merrill Lynch Advisor
Former Cetera Advisors broker Bill LeBeouf (CRD# 2464080) was recently sanctioned over allegations he engaged in improper private securities transactions and outside business activities. According to Financial Industry Regulatory Authority and Securities and Exchange Commission records, the former Beavercreek, Ohio representative is currently registered as an investment advisor with Alternativ Wealth in Dayton, Ohio.
According to a Letter of Acceptance, Waiver, and Consent (No. 2019064823601) issued in November 2021, Mr. LeBeouf was associated with Merrill Lynch when, in 2017, he engaged in a private securities transaction by soliciting a firm client to invest in a real estate investment fund. The AWC Letter states further that he also engaged in a private securities transaction in 2019, while associated with Cetera Advisor Networks, when he facilitated three customers’ investments in “a convertible promissory note” issued by a software company. FINRA found that his clients at both firms “invested a total of $1 million in the two securities that he recommended,” and that he did not disclose these transactions to his member firms or receive their written approval.
The AWC Letter goes on to state that in 2019, Mr. LeBeouf “formed and became the sole manager of a limited liability company that he created for the purpose of pooling and making investments in the convertible promissory note” issued by the aforementioned software company. He allegedly did not give Cetera prior notice of this outside business activity or receive its approval for such. FINRA found that these activities constituted violations of FINRA Rules 3280, 3270, and 2010. The regulator issued him a 12-month suspension from associating with any FINRA member in any capacity. It also issued him a fine of $12,500.
Mr. LeBeouf’s BrokerCheck report also discloses his 2019 firing from Cetera Advisor Networks. The disclosure states that his termination related to allegations that he “violated firm policies by participating in private securities transactions without firm approval.”
In April 2022, the state of Ohio sanctioned Mr. LeBeouf in relation to allegations he engaged in undisclosed and unapproved outside business activities and private securities transactions, according to another disclosure on his BrokerCheck report. He was placed on a one-year heightened supervision period.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, William LeBeouf holds 26 years of securities industry experience. Based in Dayton, Ohio, he has been an investment advisor with Alternativ Wealth since May 2022. He is not currently registered as a broker. His past registrations include Cetera Advisor Networks (Beavercreek, Ohio; 2019), Merrill Lynch (Miamisburg, Ohio; 2009-2019), Morgan Stanley (Dayton, Ohio; 2009), Citigroup Global Markets (Dayton, Ohio; 2002-2009), Lehman Brothers (New York, New York; 2001-2002), and Dean Witter Reynolds (Purchase, New York; 1994-2001). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. (Information current as of July 31, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.