The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct of securities broker William Council. His publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the  course of his career.

William Council is presently working as a California based securities broker. He has worked in the securities industry for forty-one years. During his career, he was registered with three different securities firms.

His Registrations

  • Crowell, Weedon & Co. (1978-2013)
  • D.A. Davidson & Co. (2013-2015)
  • Raymond James (2015-Present)

Allegations

  • In December 2018, a customer alleged unsuitability, breach of the duty of fair dealing, breach of the duty to observe high standards of commercial honor, and violation of the Florida Securities and Investor Protection Act. This case is currently pending. The customer is seeking $50,000 in damages.
  • Also in December 2018, a customer alleged that William Council recommended unsuitable investments, breached his fiduciary duty, engaged in negligent misrepresentation, negligently handled their account, and breached contract. This case was settled for $18,000 in damages.
  • In February 2019, a customer alleged that William Council recommended unsuitable securities. This case was settled for $50,000 in damages.

What Does This Mean?

Securities brokers have a legal obligation to always act in the best financial interests of their customers. This obligation is also known as their duty as a fiduciary. The main aspect of this duty is making sure the investments they recommend to their customers are financially suitable for them. Despite this, some securities brokers will in fact recommend securities to customers without having a reasonable basis to believe the customer was suited for them. This suitability is determined by the customer’s previously stated investment objectives and financial situation.

Oakes & Fosher Can Help

Many investors are still unaware of the legal recourse available to them after losing money due to investor negligence and/or misconduct. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in that manner across the nation. If you, or someone you know, have lost money investing with William Council, 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.