William Gennity – Securities Fraud Investigation

Barred Broker William Gennity to pay $2.4 Million FINRA Award

Have you suffered losses investing with former financial advisor William (Bill) Gennity. If so, the securities attorneys at The White Law Group may be able to help you.

According to an award posted on the Financial Industry Regulatory Authority’s website this week, an all-public panel has reportedly found former financial advisor William Gennity liable for $2.4 million plus attorney’s fees for allegations of unsuitability, unauthorized trading, failure to supervise, and breach of fiduciary duty.

The claim, filed April 16, 2018, alleged that Gennity placed the claimant in “concentrated positions in various securities, including Adamis Pharmaceuticals, Advanced Micro Devices, Energous, and Global Star, and traded his account so excessively that there was no possibility that the account would earn a return that could cover the costs incurred as a result of the trading activity.”

According to the award, the Claimant reportedly requested compensatory damages against Gennity in the amount of $2,404,376.9, attorneys’ fees and costs in the amount of $54,146.00, and pre-judgment and post-judgment interest for an alleged scheme to generate commissions at the expense of protecting Claimant’s investment capital.

Broker Investigation – Potential Lawsuits

As we previously told you, the Securities and Exchange Commission (SEC) obtained a final judgement against Gennity in March 2019 for allegedly churning/excessively trading his clients’ brokerage accounts.

Gennity reportedly worked at 10 different brokerage firms in the New York area. Most recently, he was a registered representative with First Standard Financial Company in Staten Island, N.Y. from October 2014 through November 2018, according to his FINRA BrokerCheck report.

The White Law Group is investigating potential lawsuits regarding the liability that his former employers may have for failure to properly supervise  Gennity.

When brokers abuse client accounts and conduct transactions that violate securities laws, 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.

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

If you have suffered losses investing with William Gennity, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

[maxbutton id=”1″ ]