- December 27, 2023
- Raymond James & Associates Inc
William Colin Seibert (CRD#: 2710335) is a registered broker and investment advisor at Raymond James & Associates, Inc., in Houma, LA.
He entered the securities industry in 1996, and previously worked for Bank United Securities Corp.; Pritchard Capital Partners, LLC (FINRA expelled the firm in 2012); Wells Fargo Brokerage Services, LLC; Wells Fargo investments, LLC; and Morgan Keegan & Company, Inc.
Current and Past Allegations of Conduct Leading to Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2023, William Seibert became the subject of a customer dispute where, “Claimants allege FA recommended they invest heavily in unsuitable and purportedly high-risk oil and gas investments.” The customer dispute is still pending.
In addition, William Seibert has been the subject of several other disclosures which include the following:
- January 2023—“ Claimants allege FA recommended unsuitable investments, primarily in oil and gas securities; several claimants allege FA engaged in reverse churning; and one claimant alleges FA failed to disclose margin use in claimant’s account. Alleged Activity dates: 5/17/01 – present.” The customer dispute was settled for $1,022,500.
- October 2008—“ WRITTEN COMPLAINT FROM CUSTOMER ALLEGES MISREPRESENTATION OF FEATURES OF VARIABLE ANNUITY PURCHASED IN JULY 2007. AFTER ORIGINAL COMPLAINT #2799 WAS CLOSED WRITTEN COMPLAINT WAS SUBMITTED TO THE LOUISIANA DEPT OF INSURANCE (04/15/09) BY CLIENT ALLEGING MISREPRESENTATION. LA DEPT OF INSURANCE FORWARDED THE COMPLAINT TO HARTFORD WHO REQUESTED WE PROVIDE A STATEMENT FROM THE FA IN ADDITION TO THE STATEMENT FROM MK.” The customer dispute was closed-no action.
- September 2008—“ WRITTEN COMPLAINT FROM CUSTOMER ALLEGES BROKER PLACED HIS MONEY IN AN INVESTMENT THAT WAS UNSUITABLE TO HIS NEEDS AND REQUESTS AT THE TIME OF THE PURCHASE. CUSTOMER WANTED A SHORT-TERM, PRINCIPAL-SAFE PRODUCT, BUT WAS INSTEAD PLACED INTO FRONT-END LOAD BOND FUNDS. DAMAGES ARE UNSPECIFIED BUT ARE BELIEVED TO BE IN EXCESS OF $5,000.” The customer dispute was closed-no action.
- November 2007 – “CLAIM ALLEGES UNAUTHORIZED PURCHASE OF A BOND MUTUAL FUND.” The customer dispute was closed- no action.
For a copy of William Seibert’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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