The law  firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker William Glaser. According to his publicly available FINRA BrokerCheck report, William Glaser has been the subject of multiple customer disputes.

William Glaser operated most recently as a Missouri based securities broker. He has worked in the securities industry for thirty-two years. During his career, he has been registered with nine different securities firms. William Glaser is no longer working as a registered securities broker in any fashion.

His Registrations 

  • ISFA Corporation (1984-1987)
  • Mark Twain Brokerage Services (1987-1988)
  • Integrated Resources Equity Corporation (1989)
  • Investment Management & Research, Inc. (1989)
  • Walnut Street Securities, Inc. (1989-1991)
  • J.E. Liss & Company (1991-1996)
  • Cutter & Company (1996-2001)
  • Investment Planners (2002-2007)
  • National Planning Corporation (2007-2017)

The Allegations

  • In June 2017, a customer alleged William Glaser violated the Missouri Securities Act of 2003, violated the Missouri Consumer Protection Act, breached his fiduciary duty, violated FINRA rules, breached contract, and handled their account negligently. This case was settled for $390,000 in damages.
  • In September 2017, a customer alleged that William Glaser breached his fiduciary duty, violated the Missouri Securities Act, managed their account negligently, made negligent misrepresentations and omissions of material facts, committed common law fraud, and breached contract.
  • In February 2018, a customer alleged that William Glaser breached his fiduciary duty, violated FINRA rules, violated the Missouri Securities Act of 2003, engaged in gross malfeasance, engaged in fraud, handled their account negligently, and made material misrepresentations and omissions. This case is currently pending. The customer is seeking approximately $4 million in damages.
  • In June 2018, a customer alleged that William Glaser made unsuitable investment recommendations and made fraudulent and/or negligent misrepresentations. This case is currently pending. The customer is seeking $600,000 in damages.

Promissory Notes

According to publicly available information recently reported on William Glaser, he allegedly advised customers to invest in private investments classified as promissory notes. In some cases, William Glaser allegedly advised customers to liquidate variable annuities in order to purchase these promissory notes. Essentially, these notes are contracts in which the issuing party “promises” to pay back the other party a certain amount in exchange for a loan. They are different from purchasing equity as the stated value does not directly fluctuate with the value of the security.

Securities brokers like William Glaser may try to claim that these notes are safer than purchasing equity as you are promised back a certain amount of funds no matter what; however, this is unfortunately not the case. Many investors are unaware that them getting paid back the principal and interest they are owed is entirely dependent upon the success of the issuing company. These notes are usually only ever issued by speculative private companies looking to expand in some way. It is very easy for these types of companies to fail and default on these promissory notes.

While these types of investments are unsuitable for most investors, even when the are legitimate, often times they are also just fronts for fraudulent activity. Brokers, or even companies, sometimes issue false promissory notes backed by fictitious, or real, companies with no intent to ever pay the investor back. Rather the solicited funds are simply diverted elsewhere for other purposes. These unscrupulous brokers, and companies, believe promissory notes are a good tool for this fraudulent behavior because investors don’t need to constantly check the value of an investment if they believe they will be getting back a predetermined amount no matter what.

It was due to William Glaser’s alleged involvement with the issuing of promissory notes that caused him to be terminated from National Planning Corporation. He is also currently under investigation by both the FBI and the US Attorney’s Office for possible criminal activity regarding this matter.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. The truth is that investors who have lost money in this fashion may actually be entitled to damages. If you, or someone you know, has lost money investing with William Glaser, please contact Oakes & Fosher. We represent clients on a nationwide basis. We fight against brokerage firms and brokers such as William Glaser. Oakes & Fosher represents clients on a contingency basis, meaning there is no charge unless we collect for you.