Securities Arbitration Lawyers BlogBroker William Conn Subject Of Seven Disclosures
William Conn (William Joseph Conn CRD# 1477107, aka “Bill Conn”) is a currently registered broker and investment advisor with International Assets Advisory, LLC (CRD#: 10645) of San Francisco, CA. His previous employers include Raymond James & Associates, Inc. (CRD#:705, broker and investment advisor) J.P. Morgan Securities LLC (CRD#:79), and Deutsche Bank Securities Inc. (CRD# 2525), all of San Francisco. He was both a broker and investment advisor at all three and began in the industry in 1986.
Conn’s CRD has a total of seven disclosures, six of which are customer disputes. The most recent dispute was filed on 07/23/2023 by two clients who allege that Conn placed them in inappropriate and aggressive investments. One client alleges that his account was “invested in speculative positions” with evidence of churning. There is no requested amount of damages, and this claim is currently listed as “pending.”
The next recent customer dispute was filed on 5/11/2023, with similar allegations of unsuitable investments. The client requested damages of $1,500,000, and the claim was settled for that amount.
Another customer dispute filed on 11/21/2022 also included unsuitable investments, along with concentrating accounts in equities writing covered call options and failed to disclose the associated risks. Additionally, Conn allegedly charged excessive commissions and made some trades without authorization. This dispute was settled for $613,000.18.
On 07/07/2023, Raymond James & Associates discharged Conn for failing to follow the firm’s policies regarding discretion, failing to disclose a potential outside business activity (OBA), and related to client payments. Noted in the broker comments is that Conn was a second successor trustee on a client’s trust agreement from 1995 but had subsequently resigned.
Previously, a client dispute filed on 9/29/2020 alleged that from 5/8/2018 through 8/31/2020 Conn made unsuitable investment recommendations and mismanaged the client account. The client requested damages of $2,000,000, and went through mediation in January of 2022, and through continued negotiations eventually settled the claim with the claimant for $525,000 “in exchange for a full release of claims and dismissal of the matter with prejudice.”
Another claim filed on 04/25/2001 alleged that Conn engaged in misrepresentation, unauthorized trading, negligence, breach of fiduciary duty and contract, and fraud from 05/1994 through 03/2001. The client requested damages of $236,000.00, and the claim was settled for $40,000.
Six months prior, another client filed a claim of unauthorized trading, requesting $286,251.09 in damages. This claim was denied.
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