Raymond James Stockbroker Sanctioned For Customer Loans
William Forrest Winchester III (also known as Bill Woods) a stockbroker formerly associated with Raymond James Financial Services has been referenced in a Tennessee Securities Division Consent Order in which Winchester was fined $45,000.00 and subject to heightened supervision requirements supported by findings that Winchester engaged in unethical and dishonest practices by obtaining loans from Raymond James customers without permission and by failing to be forthcoming about those loans upon submitting annual compliance questionnaires. Case No. 20-034 (June 11, 2020).
Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that Winchester is the subject of a customer initiated investment related arbitration claim which was resolved for $7,500.00 in damages based upon accusations that a fiduciary duty that was owed to the customer had been breached and that unsuitable options transactions were effected in the customer’s account. FINRA Arbitration No. 18-01388 (Jan. 7, 2020). According to the claim, Winchester was negligently supervised by Raymond James Financial Services. The claim also alleges breach of contract, negligence and the violation of FINRA rules in regard to Winchester’s activities in the customer’s Raymond James account.
On February 20, 2020, Winchester was discharged by Raymond James based upon allegations of his failure to disclose his loan arrangements with customers of the securities broker dealer. One of those loans involved a promissory note with a customer relating to Winchester being executor of a customer’s late father’s estate. Winchester has been registered with Cadaret Grant Co. Inc. since May 7, 2020.