The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker William Aubrey Morrow. According to his publicly available FINRA BrokerCheck report, William Aubrey Morrow has been the subject of multiple customer disputes over the course of his career.

William Aubrey Morrow is a California-based securities broker who has worked in the securities industry for forty-two years. During his career, he has been registered with thirteen different securities firms.

His Registrations 

  • CG Equity Sales Company (1997-1981)
  • Private Ledger Financial Services (1981-1983)
  • Value Equities Corporation (1983-1989)
  • Briarwood Securities Corporation (1988-1988)
  • Titan/Value Equities Group (1989-1990/1995-1999)
  • Financial Network Investment (1990-1991)
  • Dunham and Associates Investment Counsel (1991-1995)
  • Mutual Service Corporation (1999-2000)
  • QA3 Financial Corp. (2001-2004)
  • Independent Financial Group (2004-2018)
  • Concorde Investment Services (2018-Present)

The Allegations 

  • In May 2003, a customer alleged that William Aubrey Morrow negligently recommended unsuitable investments, breached his fiduciary duty, and made material misrepresentations of and omitted facts regarding investments. This case went to arbitration, where the customer was awarded $206,875 in damages.
  • In August 2010, a customer alleged that Morrow had recommended unsuitable investments, breached his fiduciary duty, and managed their account negligently. This case was settled for $450,000 in damages.
  • In November 2010, a customer alleged that Morrow had negligently misrepresented material facts regarding investments and breached his fiduciary duty related to real estate investments in 2004. This case was settled for $150,000 in damages.
  • In October 2011, a customer alleged that Morrow made unsuitable investment recommendations, made material misrepresentations of and omitted facts regarding investments. This case was settled for $233,000 in damages.
  • In December 2011, a customer alleged that Morrow breached his fiduciary duty, engaged in negligence, and made material misrepresentations regarding investments. This case was settled for $250,000 in damages.
  • In April 2012, a customer alleged that Morrow recommended unsuitable investments and breached his fiduciary duty. This case was settled for $75,000 in damages.
  • In November 2012, a customer alleged that Morrow executed unsuitable transactions in their account, made material misrepresentations of and omitted facts regarding investments. This case was settled for $380,000 in damages.
  • In February 2015, a customer alleged that Morrow recommended unsuitable investments, breached his fiduciary duty, and negligently managed their account. This case was settled for $100,000 in damages.
  • In May 2020, a customer alleged that Morrow recommended investments were high risk and not in line with their stated objectives and risk tolerance. This case is currently pending, and the customer is seeking $100,000 in damages.

What Does This Mean?

Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like William Aubrey Morrow can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 due to this fraud or negligence 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 William Aubrey Morrow, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.