First Allied Securities Sued For Breach Of Fiduciary Duty
William Michael Robertson of Denver Colorado a stockbroker registered with First Allied Securities is the subject of a customer initiated investment related arbitration claim which was resolved for $8,000.00 in damages based upon accusations of (1) negligence (2) breach of a fiduciary duty (3) unsuitable real state security transactions and (4) First Allied Securities’ failure to supervise Robertson. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03383 (Apr. 30, 2019).
Robertson is referenced in four more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including Dean Witter Reynolds Inc. and First Allied Securities. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Robertson’s conduct was settled for $45,000.00 in damages based upon allegations that Robertson’s recommendations of limited partnerships and mutual funds were not suitable for the Dean Witter customer and that misrepresentations were made to the customer by the stockbroker.
Robertson is also referenced in a customer initiated investment related complaint where the customer sought $7,856.22 in damages founded on accusations that the customer was required to pay unethical commissions for over-the-counter equities trades effected by the stockbroker while employed by First Allied Securities. Another customer initiated investment related arbitration claim pertaining to Robertson’s conduct was settled for $110,000.00 in damages supported by allegations including that margin was recklessly utilized by the stockbroker to effect over-the-counter equities transactions in the customer’s investment account. According to the claim, transactions effected by Robertson were not suitable and had lacked the customer’s consent. The claim also alleges that the customer’s account was churned by Robertson during the period in which the stockbroker was employed by First Allied Securities.
Robertson is also referenced in a customer initiated investment related complaint which was resolved on November 27, 2018 for $3,500,000.00 in damages based upon accusations that Robertson’s non-traded real estate investment trusts, unit investment trusts, municipal bonds and auction rates securities recommendations were inappropriate and had lacked appropriate supervision from First Allied Securities and First Allied Advisory Services. Misrepresentations and omissions were allegedly made by the stockbroker concerning the risks of alternative investments that he advised the customer to purchase. The claim also alleges the breach of a fiduciary duty that Robertson owed to the customer.
Robertson’s registration with First Allied Securities has been terminated as of December 13, 2016.