Carl Williams: $500K Complaint Against River City Wealth Advisor

A recent investor complaint against Peoria financial advisor Carl Williams (CRD# 1721736) alleges that his investment advice resulted in six-figure damages. Records provided by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor registered with LPL Financial, doing business as River City Wealth Advisors.

Mr. Williams’ BrokerCheck report discloses one investor complaint. Filed in March 2023, it alleges that as a representative of LPL Financial, he recommended an unsuitable strategy involving stock and exchange-traded fund (ETF) products between April 2020 and October 2022. The pending complaint alleges damages of $500,000.

In a statement included with the pending complaint’s disclosure, Mr. Williams defended himself against the allegations. “I deny any allegations of wrongdoing in this complaint,” he wrote, continuing:  “The investments in the customers’ accounts were consistent with the investment objectives and risk tolerance the customers communicated to me and to LPL. The customers were sophisticated investors who followed the companies they invested in and tracked the performance of their investments independently, in addition to the information I provided to them.” He concludes the statement by noting that he is not personally named as a respondent in the matter, he intends “to assist LPL in defending against these false allegations.”

According to the Financial Industry Regulatory Authority, Carl Williams holds 30 years of securities industry experience. Based in Peoria, Illinois, he has been a broker and an investment advisor with LPL Financial since 2020, doing business as River City Wealth Advisors. His past registrations include Chapin Davis (Peoria, Illinois; 2015-2020), Williams Investment Network (Bartonville, Illinois; 2001-2012), First Union Securities (St. Louis, Missouri; 1994-2000), Robert W. Baird & Company (Milwaukee, Wisconsin; 1994), Everen Securities (St. Louis, Missouri; 1994), Shearson Lehman Hutton (New York, New York; 1988-1990), and EF Hutton & Company (1987-1988). His credentials include the passage of five securities industry qualifying exams: the National Commodity Futures Examination, or Series 3; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He currently holds 27 state licenses. (Information current as of April 9, 2023.)

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