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

William Sines is a Florida based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with five different securities firms.

His Registrations

  • The Prudential Insurance Company of America (1991-1993)
  • Pruco Securities Corporation (1991-1997)
  • SII Investments (1997-2015)
  • Kalos Capital (2015-2018)
  • Berthel, Fisher & Company (2018-Present)

The Allegations

  • In December 2002, a customer alleged that William Sines recommended improper and unsuitable investments. This case was settled for $36,000 in damages.
  • In May 2007, a customer alleged that William Sines had placed them in unsuitable REIT investments.
  • In November 2017, a customer alleged that William Sines made unsuitable recommendations. This case was settled for $19,737 in damages.
  • In July 2019, a customer alleged that William Sines pressured her into liquidating her annuity. This in turn cost her thousands in surrender penalties. William Sines allegedly recommended she invest the liquidated funds in an unsuitable non-traded REIT.

Annuities 

Annuities are investment vehicles designed for an individual to receive income during their retirement. The investor pays scheduled premiums up until their retirement date, at which point they begin receiving scheduled distributions that act as their income during retirement. These are incredibly illiquid investments due to the fact that there are incredibly high penalties charged to the annuity holder when they withdraw from, or surrender, the annuity during its surrender period. Because of this, brokers should never recommend customers liquidate their annuities to purchase other products as Williams Sines allegedly did.

Non-Traded REITs

Non-Traded REITs, or real estate investment trusts, are privately traded securities that are not traded on any public securities exchanges. Because of this, there is a significant lack of oversight for these private products. Many less than scrupulous securities brokers will misrepresent these products as low-risk investments when nothing could actually be further from the truth. Non-traded REITs are actually incredibly speculative and illiquid securities that are unsuitable for most investors.

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 Sines, 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.