Oakes & Fosher is presently investigating the alleged misconduct of former securities broker William D. Nelson. According to his publicly available FINRA BrokerCheck report, William D. Nelson has been the subject of multiple customer complaints.
William D. Nelson was a New York based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with twelve different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Century City Securities (1997)
- Meyers Pollack Robins, Inc. (1997)
- Global Equities Group (1997-1998)
- Three Arrows Capital Corp. (1998)
- Barron Chase Securities (1998-1999)
- Win Capital Corp. (1999)
- LH Ross & Company (1999-2000)
- Preston Langley Asset Management (2000-2001)
- Parker Financial Corp. (2001)
- Valley Forge Securities (2001)
- Bishop, Rosen & Co. (2002-2004)
- Meyers Associates (2004-2016)
The Allegations
- In April 2007, a customer alleged that unauthorized trading executed by William D. Nelson in his account resulted in significant losses. This case was settled for $50,000.
- In July 2012, a customer alleged that William D. Nelson executed unauthorized transactions, charged them excessive commissions, recommended unsuitable investments, engaged in a fraudulent use of margin, and failed to follow instructions. This case was settled for $20,000.
- In November 2013, a customer alleged that William D. Nelson churned his account and made unsuitable recommendations. This case was not settled, but rather went to arbitration where claimant was awarded $175,000 in damages.
- In December 2015, William D. Nelson was sanctioned by the Montana Commissioner of Securities. The allegations being excessive trading in three Montana resident accounts. Due to his alleged actions, he was ordered to pay a $5,000 fine and pay approximately $30,000 in restitution to his customers.
- In July 2016, a customer alleged that William D. Nelson churned their account, recklessly traded their account, recommended unsuitable investments, executed unauthorized trades, excessively traded their account, engaged in fraud, handled their account negligently, made material misrepresentations, engaged in a fraudulent use of margin, failed to follow instructions, engaged in manipulative sales practices, engaged in aggressive sales practices, engaged in deceptive sales practices, violated FINRA’s “know your customer” rule, failed to disclose material facts, and engaged in financial elder abuse.
- In June 2018, William D. Nelson was sanctioned by FINRA. The findings in this matter state that he was under investigation for allegations that he took part in unsuitable and excessive trading in a customer’s account. William D. Nelson allegedly did not cooperate with the investigation as the findings state that he refused to appear to provide on-the-record testimony during the investigation. Due to the alleged actions, William D. Nelson was barred by FINRA from acting as a securities broker in any fashion.
Excessive Trading
One allegation levied against William D. Nelson that stands out is that of excessive trading. This is a trading practice that many securities brokers still take part in. This is despite how truly harmful it actually is to investors. When a securities broker trades a customer’s account excessively, it can cause them to incur substantial fees and trading losses. Yet, many less than scrupulous securities brokers still trade in this fashion because their customers’ losses can often result in their gain. When securities brokers execute trades, they receive a percentage of the principal investment as a commission. Many brokers trade their customers’ accounts excessively with the express purpose of increasing their commissions. This process is also known as churning.
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 D. Nelson, 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.
