The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Thomas Yancey Williams. According to his publicly available FINRA BrokerCheck report, Thomas Yancey Williams has been the subject of multiple customer disputes over the course of his career.
Thomas Yancey Williams is a Georgia based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with seven different securities firms.
His Registrations
- Blinder, Robinson & Co. (1985-1988)
- B C Financial Corporation (1988-1989)
- The Robinson-Humphrey Company (1989-1996)
- Round Hill Securities (1996-2005)
- First Allied Securities (2005-2010)
- International Assets Advisor (2010-2018)
- IFS Securities (2018-Present)
The Allegations
- In May 1995, a customer alleged that Thomas Yancey Williams executed unauthorized trades. This case was settled for $17,580 in damages.
- In October 1996, a customer alleged that Thomas Yancey Williams recommended unsuitable investments. This case was settled for $16,000 in damages.
- In May 1999, a customer alleged that Thomas Yancey Williams executed unauthorized trades, executed unsuitable trades, and churned their account. This case was settled for $45,000 in damages.
- In July 2009, a customer alleged that Thomas Yancey Williams recommended unsuitable investments, made material misrepresentations and omissions of material facts, breached his fiduciary duty, and managed their account negligently. This case was settled for $125,000 in damages. In August 2010, Thomas Yancey Williams resigned from his position at First Allied Securities amidst these allegations.
- In October 2018, a customer alleged that Thomas Yancey Williams recommended unsuitable investments and churned their account. This case was settled for $27,500 in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their best financial interests. The most important aspect of this is having the ability to recommend investments that they (the customers) are financially suited for. Securities brokers can determine suitability by looking at important information provided by the customer. This includes the investor’s financial situation, investment objectives, age, risk tolerance, liquidity needs, and net worth. Brokers unable to discern suitability from these provided factors lack the ability to fulfill their duties to the required standard of their position.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Thomas Yancey Williams, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
