Capital Financial Services Broker William Byrd: Customer Disputes Allege Unsuitable Recommendations

Five complaints have been filed against Mr. Byrd since 2014

Did you lose money investing with William Byrd? Contact Sonn Law Group today or call 866–827–3202 to schedule a free consultation on your case. Under FINRA Rules, member firms are responsible for supervising the activity of their brokers and may be liable for misconduct, and you may be able to recover your investment through FINRA arbitration.

William Byrd (CRD# 1334634) is a broker and investment advisor. Since 2016, Mr. Byrd has been a registered representative with Capital Financial Services, Inc., based in Tampa, Florida. According to Mr. Byrd’s BrokerCheck report, he has had five customer disputes filed against him dating back to 2014.

Of the five disputes, three have been settled for an aggregate total of $168,000, while one was denied and the other remains pending. Common among each of the complaints are allegations of unsuitable investment recommendations.

The oldest dispute on record was on March 3, 2014, and alleged that Mr. Byrd made unsuitable recommendations resulting in investment losses. The complaint requested approximately $111,000, however, it was denied.

One other dispute was filed against Mr. Byrd in 2014, on October 6. This dispute also alleged unsuitable recommendations between August 2010 and December 2015. Although the requested damage amount was just over $86,000, this dispute was ultimately settled for $83,500.

The next customer dispute was filed on June 2, 2016, and also alleged unsuitable recommendations in addition to misrepresented investments and breach of fiduciary duty. Although the complaint sought $65,000, it eventually settled for $42,000.

Another dispute was filed on January 19, 2017, also alleging unsuitable recommendations as well as “ignoring claimant’s changing circumstances.” The complaint requested $100,000, but settled for $42,000.

The most recent dispute was filed on March 29, 2019, and alleged that the client was sold unsuitable concentrated mutual fund transactions and products designed “solely to maximize commissions” without any reasonable investment strategy. The damage amount requested is $300,000.

Mr. Byrd has one other disclosure on his BrokerCheck report, a civil lien for approximately $48,000. This disclosure is from October 2018. Mr. Byrd has been in the securities industry since 1985, where he started with Security First Financial. More recently, before his position with Capital Financial, Mr. Byrd was registered with Transamerica Financial Advisors (2001–2016) and Invest Financial Corporation (2016).

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.