A National Securities Arbitration & Investment Fraud Law Firm

FacebookTwitterLinkedInJustiaFeed

Published on:

Broker Stephen Williams Subject Of 7 Customer Disputes

Stephen Joe Williams (CRD #2395948) is a registered broker and investment advisor currently employed by NEXT FINANCIAL GROUP, INC. (CRD #46214) of Madison, AL, since 2007. His previous employers are Securities Service Network, Inc. (CRD #13318) of Huntsville, AL, Raymond James Financial Services, Inc. (CRD #6694) of St. Petersburg, FL, and Edward Jones (CRD #250) of St. Louis, MO. He has been in the industry since 1994.

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224Williams’ most current customer dispute is pending, and was filed on 2/26/2018. The case centers on allegations that during June of 2008, Williams recommended non-traded REITS (real estate investment trusts) and didn’t disclose the nature and risks of these kinds of private securities. The customer is requesting damages of $350,000.

On 2/2/2018, another customer’s attorney filed a similar allegation with a 2008 time frame. Williams allegedly solicited the client to invest $50,000 in UDF III without informing him of the inherent risks of this illiquid investment. Although the customer requested remediation of $50,000, the dispute was denied.

Three previous disputes were settled. The first was filed on 8/2/2017, also alleging unsuitable sales of non-traded REITS, this time in 2007. The customer requested damages of $50,000, and the case was settled for $3,900.

The next dispute, filed on 07/31/2017, had similar allegations of five non-traded REITS, from March 2005 through December 2008. Two of these purchases were made prior to Williams joining Next Financial. The client requested damages of $5,000, and the case was settled for $37,500.

A dispute filed on 01/08/2011 included allegations that Williams misrepresented Provident Shale Royalties 8, an “unsuitable product” in April of 2008. The client requested damages of $80,000, and the case settled for $50,000.

In August of 2010, another dispute alleged that misrepresentations by Williams caused a client losses of $120,000. That case settled for $560.00.

In an action filed on 5/3/2007, the Commissioner of Insurance in the State of Georgia sanctioned Williams with a 12-month nonresident probationary license for offering and selling what it called “unsuitable investments.” No monetary sanctions were issued.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  Most cases handled on a contingent fee basis. This means that you won’t any pay legal fees unless we are successful. Call us toll free at 800-975-4345, or use our online contact form to get in touch.

Contact Information