William Lefkowitz Complaints: Did you Lose Money with this Broker?
The White Law Group is investigating William Lefkowitz complaints involving alleged churning and excessive commissions during his time at B. Riley Wealth Management. Here is what is on his FINRA BrokerCheck record and what your options may be. If you believe you have a claim, you can also learn more about the FINRA arbitration process.
William Lefkowitz Complaints: Churning and Excessive Commission Claims at B. Riley Wealth Management
Lefkowitz’s BrokerCheck reportedly record shows three customer disputes tied to his time at B. Riley Wealth Management. A pending complaint filed in May 2026 (FINRA Docket No. 26-00961) alleges Lefkowitz churned a client’s options account and blocked a distribution from the client’s trust account, seeking $500,000 in damages. A separate complaint filed in September 2025 (FINRA Docket No. 25-02034) alleged excessive commissions on options trades and sought $1 million; that matter has since settled for $300,000. A third pending complaint filed in December 2024 (FINRA Docket No. 24-02661) alleges an unsuitable investment in Plby Group stock, seeking $152,235; Lefkowitz has stated he was not the broker of record on the account at issue.
Who Is William Lefkowitz?
William Mitchell Lefkowitz (CRD #1170503) entered the securities industry in 1985. He was registered with B. Riley Wealth Management in Livingston, New Jersey, from July 2022 until his termination in June 2026, and briefly with Aegis Capital Corp. immediately afterward. He is not currently registered as a broker; his most recent Form U4 filing lists him as an investment adviser representative with NFSG Corporation in Boca Raton, Florida. Because the complaints above relate to his time at B. Riley Wealth Management, a FINRA arbitration claim over that conduct would generally be filed against the broker-dealer, B. Riley Wealth Management, not his current advisory affiliation.
Termination From B. Riley Wealth Management
B. Riley Wealth Management reportedly discharged Lefkowitz on June 4, 2026. According to the firm’s disclosure, he was terminated for allegedly failing to report a customer complaint and for submitting incorrect information on annual firm attestations.
Other Disclosures on Lefkowitz’s Record
Lefkowitz’s BrokerCheck record also includes a 2012 FINRA regulatory action in which he was fined $5,000 and suspended for 30 days in a principal capacity after FINRA found he failed to reasonably supervise a registered representative who allegedly made unauthorized trades in a client’s account. His record additionally discloses several older customer disputes from 1999 through 2012, most of which were settled for amounts under $10,000 or withdrawn. These older matters predate the recent B. Riley complaints by well over a decade.
Frequently Asked Questions
How do I file a claim to recover money invested through William Lefkowitz?
Most brokerage account agreements typically contain a pre-dispute arbitration clause, so claims like these are generally filed and resolved through FINRA arbitration rather than in court. Many retail investors do not realize this process exists until they look into a complaint. Arbitration can still result in a monetary recovery, as it already has in one of the pending disputes involving Lefkowitz.
What is churning, and why does it matter for my investment?
Churning happens when a broker trades excessively in a client’s account to generate commissions rather than to benefit the client. It matters because it can quietly erode an account’s value through fees and commissions even when individual trades seem reasonable on their own. Excessive commissions, like those alleged against Lefkowitz, are often a sign of the same underlying problem.
Can B. Riley Wealth Management be held responsible for my losses, even if it did not approve Lefkowitz’s alleged trading?
Possibly. Brokerage firms have a duty to reasonably supervise the trading activity in their representatives’ accounts, and a firm that fails to catch excessive trading or commission patterns may be liable for failing to supervise. Investors do not need to show the firm signed off on each individual trade to pursue this type of claim.
The White Law Group is a national securities fraud law firm with offices in Chicago and Seattle representing investors in claims against brokers and brokerage firms. If you invested with William Lefkowitz or B. Riley Wealth Management and have concerns about your account, contact The White Law Group for a free consultation at (888) 637-5510 or visit our contact page. You can also learn more about the FINRA arbitration process on our website.
