- August 31, 2018
- LPL Financial
- Unauthorized Trading
The Wolper Law Firm, P.A. is currently investigating claims against Scott Douglas Williams, a former Financial Advisor at LPL Financial in Franklin, Tennessee. Scott Williams has been in the securities industry since the 1990s and previously worked at Raymond James.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 10, 2018, LPL Financial discharged Scott Williams for “violation of firm’s policy regarding discretion.” This practice is known as unauthorized trading and is strictly prohibited by both FINRA rules and firm policy.
Before a transaction is made in a customer account, it must first be authorized, verbally or in writing, by the customer. Absent authorization, the Financial Advisor has taken discretion in violation of industry rules.
To review a full copy of Scott Williams’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2330693#disclosuresSection
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.
If you or someone you know was a customer of Scott Williams’ and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.