Gregory Williams (Gregory Jon Williams CRD#: 1561089) is a previously registered broker and investment advisor whose last known employer was Forta Financial Group, Inc. (CRD#:28784) of Greenwood Village, CO. His previous employers include Morgan Stanley Smith Barney (CRD#:149777) and Citigroup Global Markets Inc. (CRD#:7059) of Denver, CO, and Banc One Securities Corporation (CRD#:16999) of Chicago, IL. He has been in the industry since 1986.
Williams is currently the subject of four pending customer disputes with nearly identical allegations of unsuitability, misrepresentation, and negligence. The claims were filed between 3/31/2020 and 10/26/2020. The collective requested damages total $1,349,000. In two of the four claims, the firm denies the claims and will defend themselves.
A previous customer dispute filed on 3/29/2020 involving multiple claimants also included allegations of unsuitability, negligence, fraud, and misrepresentation. This case went into FINRA arbitration. Although the six claimants requested damages of $578,821.00, ultimately, only two of the claimants were awarded anything, damages totaling $45,818.00. The other four claimants were denied damages.
Another claim filed on 6/15/2018 is also listed as “pending,” and also contains similar allegations. The client requests damages of $1,200,000.00. Williams denies the allegations.
Unsuitable Investment Recommendations
That means a broker needs to have a “reasonable basis to believe a recommended transaction or investment strategy…is suitable” for the customer based on their financial situation, risk tolerance and ability to understand the risks, age, and investment objectives.
FINRA rules state that stockbrokers have an obligation to ensure that a series of transactions they recommend in a customer’s account appears suitable when viewed in isolation and in aggregate. The transactions must not be excessive or unsuitable when viewed in aggregate given the customer’s investment profile.
Unsuitable investment recommendations are a common cause for investors making FINRA arbitration claims.
Did You Invest With Gregory Williams?
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