Derrick Watts: Ex-B. Riley Advisor Faces $3mm Complaint

A recent investor complaint against Chicago financial advisor Derrick Watts (CRD# 2479608) alleges that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that the former B. Riley Wealth Management representative is currently registered as a broker and an investment advisor with Packerland Brokerage Services.

Mr. Watts’ BrokerCheck report discloses one recent investor complaint. Filed in March 2024, it alleges that as a representative of B. Riley Wealth Management, he made a “misleading, inaccurate, and false” proposal to purchase Bet Chicago securities. The pending complaint alleges damages of $3 million.

A second disclosure on his BrokerCheck report concerns a FINRA disciplinary action against him. Filed in 2016, it states that the regulator sanctioned him in connection with allegations that he “failed to timely report unsatisfied civil judgments on his Form U4.” He was issued a three-month suspension from registering with any member firm in any capacity.

According to the Financial Industry Regulatory Authority, Derrick Watts holds 30 years of securities industry experience. Based in Chicago, Illinois, he has been registered as a broker and an investment advisor with Packerland Brokerage Services since 2020. His past registrations include B. Riley Wealth Management (2016-2021), Wunderlich Securities (2015-2016), Oppenheimer & Company (2009-2015), Morgan Stanley & Company (2007-2009), Morgan Stanley (2003-2007), and Merrill Lynch (1994-2003). 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 Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Illinois, Missouri, and Ohio. (Information current as of September 22, 2024.)

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.