William Davis, Formerly of Ameriprise Financial Services, Inc., Suspended by FINRA for Restricted List Sales

William Davis is facing allegations that he recommended prohibited securities and mislabeled trades in order to evade firm restrictions.

The Sonn Law Group is investigating allegations that William Davis committed misconduct. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

William Davis (CRD#:811559) consented to a $5,000 fine and a 15 day suspension without admitting or denying FINRA’s findings. According to the letter of settlement, Davis allegedly mismarked trades in customer accounts as unsolicited when the trades were in fact solicited.

FINRA’s findings stated that Davis’s member firm’s policy prohibited him from soliciting certain categories of securities. Pursuant to the policy, these securities could only be purchased on an unsolicited basis. Notwithstanding the firm’s rules, Davis recommended and purchased prohibited securities for some of his customers. FINRA alleged that as a result of mismarking these trades, Davis caused the firm to maintain inaccurate books and records.

“This is a highly regulated industry, and when a registered person mismarks a ticket and does it intentionally, it’s a big deal,” said Debra Jenks, a West Palm Beach, Florida-based securities lawyer, noting that mismarking jeopardizes a firm’s compliance with books-and-records rules. “At 43 years of industry experience, he should have known better.”

On July 20, 2018, Davis was terminated from Ameriprise Financial for violations of company policy related to solicitation of securities not approved for solicitation, mismarking trades, and failure to comply with supervision.

These are the only disclosures on Davis’s BrokerCheck report. Prior to his employment with Ameriprise Financial, Davis was employed by UBS Financial Services for 28 years.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, 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.