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 individuals who have lost money in this fashion may actually be entitled to damages. The law firm of Oakes & Fosher wants to hear from investors who think this might be them.

Oakes & Fosher is presently investigating the possible misconduct of former securities broker Tye C. Williams. According to his publicly available FINRA BrokerCheck report, Tye C. Williams has been the subject of multiple cusotmer disputes.

Tye C.Williams was a Texas-based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with five different securities firms.

His Registrations

  • Advantage Capital Corporation (1986-1993)
  • Washington Square Securities (1993-1997)
  • Mutual Service Corporation (1996-2006)
  • First Heartland Capital (2006-2008)
  • Next Financial Group (2008-2016)

The Allegations

  • In August 2015, customers alleged Tye C. Williams mismanaged their finances and recommended unsuitable investments in products like “Smashburger.” This case is currently pending. The customers are seeking $1 million in damages. Tye C. Williams received an identical complaint in April 2016. This case was settled for $1.5 million in damages.
  • In September 2016, Tye C. Williams was officially sanctioned by FINRA. The findings in this matter state he allegedly converted over $1 million from customers’ accounts, made unsuitable investment recommendations, and executed unauthorized transactions. Due to his alleged failure to comply with FINRA’s investigation into the allegations, he was barred from acting as a securities broker in any fashion.

What Does This Mean?

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Tye C. Williams, please contact Oakes & Fosher for a free and private consultation.