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William Hayden: $265K Oil & Gas Complaint Against Texas Securities Advisor

A recent investor complaint against Carrollton, Texas financial advisor William Hayden (CRD# 2303449) alleges that he recommended an unsuitable oil and gas investment. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker with Texas Securities, having previously been registered with Nobles and Richards.

Mr. Hayden’s BrokerCheck report discloses one investor complaint. Filed in August 2023, it alleges that as a representative of Texas Securities, he recommended an unsuitable oil and gas investment and used “manipulative methods” to induce the customer. The pending complaint alleges damages of $265,000.

FINRA rules stipulate that brokers like Mr. Hayden are required to abide by a standard called “suitability.” As FINRA Rule 2111 lays out, they must “have a reasonable basis to believe a recommended transaction or investment strategy” is appropriate for the customer’s investment profile. An investment profile is based on various factors, like the customer’s age, income, net worth tax status, investment goals, and risk tolerance. FINRA notes that brokers must “have a firm understanding of both the product and the customer.” Additional reading on the rules governing the suitability standard is available via FINRA’s online resources.

According to the Financial Industry Regulatory Authority, William Hayden holds 18 years of securities industry experience. Based in Carrollton, Texas, he has been a broker with Texas Securities since 2021. His past registrations include Nobles & Richards (Dallas, Texas; 2019-2021), Texas Securities (Graham, Texas; 2016-2019 and Carrollton, Texas; 2002-2005), Prospera Financial Services (Dallas, Texas; 1999-2001), AG Edwards & Sons (St. Louis, Missouri; 1997-1999), Principal Financial Securities (Dallas, Texas; 1993-1997), and Bear Stearns & Company (New York, New York; 1992-1993). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Direct Participation Programs Representative Examination, or Series 22; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He currently holds 51 state licenses. (Information current as of September 13, 2023.)

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.

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