William George Davis, Registered Rep Formerly with Ameriprise Financial Services, Inc. Has Been Sanctioned by FINRA for Soliciting Prohibited Securities and Mismarking Order Tickets
Publicly available records recently provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor William George Davis (CRD # 811559), formerly with Atlanta, GA based Ameriprise Financial Services, Inc. (CRD # 6363) was recently sanctioned by FINRA’s Department of Enforcement for wrongfully soliciting the purchase of specific securities and mismarking the order tickets. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Davis and/or Ameriprise Financial Services, Inc.
Mr. Davis has been registered in the securities industry since 1975. Most recently Mr. Davis had been registered with Ameriprise Financial Services, Inc. from April 2016 to August 2018. His prior registrations included UBS Financial Services, Inc. (CRD # 8174) from March 1988 to April 2016 and Drexel Burnham Lambert Incorporated (CRD # 7323) from February 1980 to April 1988.
FINRA’s Finding and Conclusions of Securities Fraud
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated October 9, 2019, Mr. Davis consented to the following findings by FINRA’s Department of Enforcement, with regard to inappropriate solicitation of the purchase of securities and mismarking of order tickets, without either admitting or denying:
- During the period of May 1, 2018 through June 29, 2018, Firm policy prohibited Davis from soliciting certain categories of securities;
- Mr. Davis recommended an purchased the prohibited securities for seven of his customers;
- Mr. Davis then mismarked eight trades in seven different customer accounts as “unsolicited”, when in fact those trades were solicited;
- Mr. Davis mismarked the order tickets as “unsolicited” in order to circumvent the Firm’s policy;
- Mr. Davis’ actions during the relevant period were in violation of FINRA Rule 4511(a) governing preserving books and records; and
- Mr. Davis’ actions during the relevant period were in violation of FINRA Rule 2010 requiring FINRA members and associated persons observing high standards of commercial honor and just and equitable principals of trade.
FINRA Sanctions William George Davis
In addition to the findings and conclusions, FINRA’s October 9, 2019 AWC also indicates that Mr. Davis consented to the following sanctions:
- A suspension from associating with any FINRA member firm in any and all capacities for fifteen calendar days; and
- A $5,000.00 fine.
If you or someone you know has or had a brokerage account with William George Davis and/or Ameriprise Financial Services, Inc. and have concerns regarding losses in your investments or possible 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.