J.P. Morgan Pays Investor For Stockbroker Misconduct
William Howard Desser of Los Angeles California a stockbroker currently registered with J.P. Morgan Securities LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $1,300,000.00 in damages founded on accusations that (1) Desser effected unauthorized transfers of funds from the customer’s account (2) Desser utilized the customer’s assets impermissibly to execute loans and assess commissions and fees and (3) Desser placed the customer in over-the-counter equities, municipal debt investments and banking products that were not suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-00041 (Oct. 31, 2017).
FINRA Public Disclosure confirms that Desser is referenced in five additional customer initiated investment related disputes containing allegations of his misconduct while employed with J.P. Morgan and Bear Stearns. Specifically, a customer initiated investment related complaint concerning Desser’s conduct was settled for $30,000.00 in damages supported by accusations that Desser effected unauthorized and unsuitable trades in the customer’s account.
Then, on May 8, 2009, a customer initiated investment related complaint regarding Desser’s activities was resolved for $39,683.58 in damages based upon allegations of Desser’s failure to follow the customer’s instructions of liquidating mutual funds from the customer’s investment portfolio.
On April 15, 2009, another customer filed an investment related complaint involving Desser’s activities in which the customer requested $70,107.00 in damages founded on accusations that the customer’s hedge fund redemption request had not been followed. And on July 22, 2010, a customer filed an investment related complaint concerning Desser’s conduct where the customer sought $39,779.32 in damages supported by allegations that certificate of deposit and equity transactions executed in the customer’s account were not suitable for the customer.
Desser has been employed by J.P. Morgan Securities LLC since September 19, 1998.