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

William Byrd is a Florida based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with ten different securities firms.

His Registrations

  • Security First Financial (1985-1988)
  • Cigna Securities (1987-1988)
  • IDS Life Insurance Company (1988-1990)
  • American Express Financial Advisors (1988-1990)
  • Merrill Lynch (1990-1992)
  • Pruco Securities (1992-2001)
  • Transamerica Financial Advisors (2001-2016)
  • Invest Financial Corporation (2016)
  • Capital Financial Services (2016-2019)

The Allegations

  • In June 2016, a customer alleged that William Byrd recommended unsuitable investments, misrepresented said investments, and breached his fiduciary duty. This case was settled for $42,500 in damages.
  • In January 2017, a customer alleged that William Byrd ignored their changing circumstances and made unsuitable investment recommendations and misrepresented said investments. This case was settled for $42,000 in damages.
  • In March 2019, a customer alleged that William Byrd over-concentrated their account in unsuitable products while instituting an investment strategy that was designed just to enhance broker commissions. This case is currently pending. The customer is seeking $300,000 in damages.

What Does This Mean?

Securities brokers are compensated in two different ways. One is by charging a flat fee that is determined by the value of the account. The other is by receiving a portion of the investor’s principal investment at the time the transaction is executed to act as their commission. This commission based system of compensation can often lead to less than scrupulous securities brokers recommending investments to their customers based not on what is suitable for them, but rather based on what can provide them, as the broker, with the highest commissions.

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 William Byrd, 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.