Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
William Ornstein: Complaints Against Florida GMS Group Broker
Investor complaints against Boca Raton, Florida broker William Ornstein (CRD#: 500470) allege conduct including negligence, breach of fiduciary duty, false representations, fraud, and other activity undertaken at firms including The GMS Group. One such complaint seeks $100,000 in damages. He has been employed at that firm’s Boca Raton location since 2001, according to information drawn from Financial Industry Regulatory Authority records.
William Ornstein allegedly violated his fiduciary duty and was negligent in his duties connected to municipal debt investments, according to a pending 2019 complaint concerning his conduct at The GMS Group. The complaint alleges damages of $100,000.
Another pending 2019 complaint concerning his employment at The GMS Group alleges he made false representations, engaged in deception, exploited his customer, and violated his fiduciary duty to act in his customers’ best interests. The complaint alleges damages of $250,000.
Mr. Ornstein allegedly engaged in fraud and caused an over-concentration of securities in his customer’s account, according to a 2015 complaint dealing with his conduct at The GMS Group. This complaint reached a settlement of $36,750.
A 2009 complaint concerning his conduct at The GMS Group alleges William Ornstein “engaged in unauthorized and unsuitable trading,” while misrepresenting material facts concerning corporate bond investments, municipal bond investments, and closed-end fund investments. The complaint reached a settlement of $675,000.
Mr. Ornstein’s records also list four complaints dealing with his conduct at First Interregional Equity Corporation. A 2001 complaint alleges false representations and omissions of material facts, breach of fiduciary duty, fraud, and unjust enrichment; it reached a settlement of $10,000. A 1999 complaint alleges common law fraud, breach of fiduciary duty, federal securities fraud, malpractice, and unjust enrichment with respect to investments in equipment leases; it reached a settlement of $30,000. A 1998 complaint alleged he breached his fiduciary duty when he sold investments in equipment leases; it settled for $30,000. Finally, a 1995 complaint alleged suitability violations and false representations; it settled for $10,000.
William Ornstein’s current employment with the GMS Group in Boca Raton, Florida began in 2001. His employment history includes Herbert J. Sims & Company, Atlantic Group Securities, Rickel & Associates, First Interregional Equity Corporation, First Monmouth Securities Corporation, Baird Patrick & Company, McLaughlin Piven & Company, and Halpert Oberst & Company. He has passed four securities industry qualification examinations and holds 12 state registrations. (Information current as of August 8, 2019.)