Written by The White Law Group• December 31, 2019• 4:21 pm• Blog, Current Investigations, Securities Fraud Articles

Walter W. Parker Broker Investigation

Financial Advisor Walter W. Parker, Titan Securities in Rowlett, Texas

Are you concerned about investments with Walter W. Parker in Rowlett, Texas? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to the Financial Industry Regulatory Authority (FINRA) on April 18, 2018, Walter W. Parker was reportedly suspended from the securities industry. According to public records on FINRA’s website, Parker allegedly made investment recommendations to a customer that was purportedly not suitable given her age, risk tolerance, financial experience and liquidity.

The findings stated that the customer allegedly had little prior experience investing and no experience investing in alternative investments. Immediately upon opening her account, Parker purportedly recommended that the customer invest her funds into illiquid, alternative investments. The source of these funds was allegedly the customer’s retirement account. The customer reportedly suffered significant losses in the alternative investments. She reportedly claimed that as a result of her investment losses she was forced to obtain full-time employment. The customer allegedly later entered into a settlement with the member firm and Parker to compensate her for her losses in the accounts.

FINRA’s sanctions reportedly include a $7,500 fine in addition to the suspension.

According to his FINRA BrokerCheck report, Parker was reportedly affiliated with Titan Securities in Rowlett, Texas from 2006 until 2018. His broker profile indicates that Parker is “not currently registered as a broker.”

Parker’s broker report indicates that 13 customer complaints have reportedly been filed against him since 2012. Allegations reportedly include unsuitable investments and misrepresentations, gross negligence, over-concentration, breach of fiduciary duty, breach of contract, material misrepresentations and omissions and failure to supervise, among others.

According to a pending complaint from June 2019, the customer reportedly alleged “Fraud, Negligence, Breach of Fiduciary Duty & Breach of Contract regarding United Development Funding IV, Cornerstone REIT & Life Partners Waco Life Settlements.” The damage amount requested was $200,000.”

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Parker’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Texas. Our attorneys have recovered millions of dollars from many brokerage firms in the past.