Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Eric Carl Willer (CRD # 2263899) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into the suitability of recommendations to customers.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Willer.
Registration Background for Eric Willer
Mr. Willer first became registered in the securities industry in 1996. He was most recently registered with Irving, TX based Kestra Investment Services, LLC (CRD # 42046) from June 2020 to April 2021. His prior registrations include Fusion Analytics Securities LLC (CRD # 124245) from August 2009 to June 2011 and again from August 2015 to June 2020.
FINRA’s Allegations Against Eric Willer
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 3, 2021 Mr. Willer consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From January 2017 to December 2018, [Mr.] Willer recommended that 13 potential investors purchase bonds in two private placement offerings without having a reasonable basis to believe that the bonds were suitable for any investor”;
- “Additionally, [Mr.] Willer negligently misrepresented and omitted material facts when he distributed offering documents to four potential investors that included misrepresentations and omissions”;
- “Prior to the relevant period in this matter, Fusion and Registered Representative 1 sold equity in a company operated by Promoter 1 and founded by his family”;
- “The SEC filed an Order Instituting Cease-and-Desist Proceedings in 2013, imposing sanctions on the company and Promoter 1. The SEC found that the unregistered offerings failed to qualify for registration exemptions and that Promoter 1 caused the company to engage in a plan to evade registration requirements by concealing the number of unaccredited investors”;
- “In January 2017, Promoters 1 and 2 engaged [Mr.] Willer and Representative 1 to sell bonds for Offering 1 through Fusion.”;
- “In late December 2018, the issuer commenced a second offering (Offering 2) to fund the same power plant as Offering 1. As [Mr.] Willer was aware, none of the issuer, its parent company, Promoter 1, or Promoter 2 had any experience building or operating a power plant”;
- “[Mr.] Willer performed no investigation of the issuer or its management in connection with the offerings, other than reviewing offering documents prepared by the issuer and Promoters 1 and 2. Furthermore, the offering documents [Mr.] Willer used and distributed to potential investors in the sale of the bonds contained multiple, material misrepresentations that [Mr.] Willer failed to recognize”;
- “Despite [Mr.] Willer’s failure to perform reasonable due diligence, and the misrepresentations contained in the offering documents, [Mr.] Willer recommended the two offerings to 13 potential investors. As a result of [Mr.] Willer’s failure to conduct reasonable due diligence of the issuer, its management, and the offerings, [Mr.] Willer had no reasonable basis to believe that the offerings were suitable for any investor”;
- “Additionally, [Mr.] Willer negligently misrepresented and omitted material facts when he distributed the misleading offering documents to four potential investors, who collectively invested $460,000 in the offerings”; and
- By virtue of his actions, Mr. Willer violated FINRA Rule 2111 regarding suitability; FINRA Rule 2010, regarding standards of commercial honor.
FINRA Suspends Eric Willer from Securities Industry
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s December 3, 2021 AWC also indicates that Mr. Willer consented to the following sanction(s):
- A nine-month suspension from association with any FINRA member in all capacities.
Eric Willer Has No History of Securities Industry Customer Complaints
In addition to Eric Willer being suspended by FINRA from the securities industry regarding the suitability of recommendations to customers, FINRA BrokerCheck for Mr. Willer reveals that he has no history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Eric Carl Willer and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
