According to court filings on Monday, Williams Financial Group, Inc. (WFG) filed Chapter 11 Bankruptcy Protection in the Texas Northern Bankruptcy Court. The company, based in Dallas, Texas, is a privately held financial services firm providing brokerage, advisory, and wealth management services to independent Financial Professionals throughout the United States. WFG Investments works as a subsidiary of Williams Financial Group.
National Holdings was reportedly planning to buy Williams Financial Group, but the deal apparently fell through in July. According to Investment News, National Holdings said in March it was acquiring select assets of Williams Financial Group, including the retail broker-dealer, WFG, for $2.3 million.
WFG has recently been the focus of The Financial Industry Regulatory Authority for supervisory issues. FINRA fined the company $700,000 in 2014 for allegedly failing to commit the time, attention and resources to a range of critical obligations in its supervision of registered reps.
This information, which is publicly available, has been provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm. The firm has offices in Chicago, Illinois and Vero Beach, Florida.
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