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William Roach: $159K Investor Complaint Against Duluth Advisor

NYLife Securities financial advisor William Roach (CRD# 1102421) recently received an investor complaint alleging his advice resulted in six-figure losses. Financial Industry Regulatory Authority records show that Mr. Roach is currently registered as a broker in Duluth, Minnesota. 

Mr. Roach’s BrokerCheck report discloses one investor complaint. Filed in March 2022, the complaint alleged that as a NYLife Securities representative, he advised the customer, who “made it clear that he does not want to lose money,” that a variable annuity product was principal-protected. The complaint alleges further that the investment “lost money in less than 6 months” after the accounts were opened. The complaint alleged damages of $159,311 before it was denied by the firm.

FINRA rules stipulate that brokers like William Roach must recommend only investments and investment strategies that meet a standard called suitability. Outlined by FINRA Rule 2111, this standard describes the need for brokers to “have a reasonable basis to believe that a recommended transaction or investment strategy” is appropriate for a customer’s investment profile, which includes their age, investment background, net worth, financial situation, risk tolerance, investment goals, and other concerns. The broker must have a reasonable basis to believe a recommendation is suitable for at least some investors and that it is reasonable for the customer they’re making it to. An investment without principal protection, for instance, might be considered unsuitable for conservative investors with a low risk tolerance. Brokers who recommend unsuitable investments or strategies may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, William Roach holds 39 years of securities industry experience. Based in Duluth, Minnesota, he has been a broker with NYLife Securities since 1983. His credentials include the passage of three securities industry qualifying examinations: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed as a broker in Alaska, Arizona, California, Colorado, Florida, Idaho, Michigan, Minnesota, Ohio, and Wisconsin. (Information current as of August 14, 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.

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