Customers Reportedly Allege Vero Beach Advisor William King Made Unsuitable, Unauthorized Trades
According to Advisor Hub this week, broker William King (Bill King) of Vero Beach, Florida has reportedly resigned after 37 years with Merrill Lynch amid numerous customer complaints. King reportedly resigned voluntarily on April 21, 2023, due to “allegations of unsuitable and unauthorized trading in certain clients’ accounts,” according to his FINRA BrokerCheck profile.
Of the 18 complaints on his record, 8 are reportedly currently pending and most allege unsuitable option trading and unauthorized trades, according to his broker profile.
William King – FINRA BrokerCheck Profile
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
According to William King’s FINRA broker report, he has been associated with Merrill Lynch since 1985. He is not currently registered as a broker.
FINRA’s Supervision Rule
FINRA’s supervision rule (FINRA Rule 3110) focuses on the regulatory oversight and monitoring conducted by the Financial Industry Regulatory Authority (FINRA) over its member firms and registered representatives in the securities industry. The primary objective of this supervision is to protect investors and uphold the integrity of the securities markets.
One important aspect of supervision is ensuring the suitability of investment recommendations. Member firms must have systems in place to ensure that recommendations made to customers are suitable based on their financial needs, objectives, and risk tolerance.
Supervision extends to monitoring and reviewing the activities of registered representatives, including their interactions with clients. FINRA examines the adequacy of disclosure, sales materials, and the handling of customer complaints. It also oversees the supervision of registered representatives’ outside business activities and private securities transactions.
In cases where violations are identified, FINRA has the authority to initiate disciplinary actions against member firms and registered representatives. These actions may include fines, suspensions, revocations of registrations, or other appropriate sanctions.
FINRA’s supervision rule aims to promote investor protection and to ensure that member firms and registered representatives comply with regulatory requirements and act in the best interests of their clients.
FINRA Attorneys to Recover Investment Losses
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. FINRA arbitration is generally a faster and less expensive alternative to traditional litigation.
If your broker has defrauded you, you may be able to file a claim with FINRA to seek resolution through arbitration. FINRA arbitration can be a complex and technical process, and having an experienced attorney who is knowledgeable about securities law can greatly increase your chances of success.
The FINRA attorneys at the White Law Group can help you with many aspects of the arbitration process including evaluating the merits of your claim and determining whether you have a strong case for arbitration.
Potential FINRA Claims to Recover Investment Losses
If you suffered losses due to William King and Merrill Lynch, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses. For more information, please visit our website, whitesecuritieslaw.com.
Tags: Bill King Vero Beach, broker investigation, Merrill Lynch, securities fraud attorney, William King investigation, William King investment losses, William King lawsuit, William King options trading, William W King Last modified: May 18, 2023