Update on Former Texas Advisor Tye C. Williams
According to their website, the Certified Financial Planner Board of Standards has imposed an automatic interim suspension of Tye C. Williams’ CFP certification following his consent to an industry bar from FINRA.
As we told you last December, Williams, who was registered with Next Financial Group in Frisco, Texas, was barred by FINRA after he failed to produce requested documents and information in connection to an investigation into a customer complaint.
The complaint alleged that from 2004 to 2014 Williams converted over $1 million from the customers’ accounts, made unsuitable investment recommendations, engaged in unauthorized transactions and mismanaged their assets.
Based on its disciplinary rules, the CFP Board issues an interim suspension without a hearing when the board’s attorneys receive evidence of a conviction or a professional discipline. Under the interim suspension order, Mr. Williams’ right to use the CFP certification mark is suspended pending an investigation and possible further disciplinary proceedings by the CFP Board.
The pending customer complaint alleges that during the period from mid-2004 until 2015 Williams “mismanaged their finances by exceeding the scope of his authority and unsuitable investments in ventures like “Smashburger”.”
For FINRA’s full finding see FINRA Case #2015047059702.
According to FINRA Broker Check, Williams was registered with Next Financial Group in Frisco, TX from November 2008 until August 2016. He has two customer disputes listed on his Broker Report. One of the pending complaints states that Williams “mismanaged their finances by exceeding the scope of his authority and unsuitable investments in ventures like “Smashburger”.”
Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Williams’ former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.
If you lost money investing with Tye C. Williams and would like a free consultation to discuss your litigation options, please call The White Law Group at 1-888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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