Did you lose money investing with William Ellis (CRD# 6770635)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with William Ellis. If you suffered losses investing with William Ellis, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of February 22, 2023, William Ellis’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
3 Regulatory Events
1 Employment Separation After Allegations
May 25, 2021 – An AWC was issued in which Ellis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Ellis consented to the sanction and to the entry of findings that he refused to appear for and provide on-the-record testimony requested by FINRA in connection with its investigation into allegations that he purchased call options for an airline’s stock in his personal brokerage account for his friend and customer of his member firm, a pilot for the airline. The findings stated that Ellis purchased the call options using funds supplied by his friend, combined with his own personal funds, after the friend heard that the airline’s upcoming earnings announcement would be higher than expected. (FINRA Case #2020065914202)
Current and Previous Registrations
08/21/2018 – 03/05/2020 CHARLES SCHWAB & CO., INC. (CRD#:5393) Westlake, TX
05/08/2017 – 02/15/2018 FIDELITY BROKERAGE SERVICES LLC (CRD#:7784) WESTLAKE, TX
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with William Ellis and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
