Investors Allege Poor Performance of Investments Recommended by Bill Fox

Bill Fox (CRD #: 1522234), a broker registered with LPL Financial, is the subject of a pending investor dispute, according to his BrokerCheck record, accessed on December 6, 2022. Investors may have also engaged his services through The Fox Alliance Wealth Advisors. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On September 20, 2022, multiple investors filed a dispute alleging the poor performance of investments recommended by Bill Fox between 2014 and 2015. This dispute is currently pending.

In a dispute filed on November 25, 2019, several investors alleged Bill Fox made misleading and unsuitable recommendations to invest in non-traded real estate investment trusts (REITs), private placements, annuities, oil and gas programs, and equipment leasing programs starting in the early 2000s and continuing through 2015.

The clients further alleged that Bill Fox misrepresented these recommendations. This dispute was settled for $365,000.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must consult the investor’s profile, which contains information about their risk tolerance, tax status, and other investments.

Investors who rely on brokers for investment recommendations can potentially recover their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent tactics to influence the purchase and sale of securities. Misrepresenting an investment’s risks, limitations, or other features violates this rule.

What is a real estate investment trust?

A real estate investment trust (REIT) manages a portfolio of income-producing real estate properties. By investing in a REIT, investors can earn returns without taking on the responsibility for managing any properties themselves. However, REITs (especially non-traded REITs) tend to be illiquid and may be unsuitable for some investors.

Background Information

Bill Fox has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Bill Fox is a registered broker in 17 states and a registered investment adviser in Texas.

He has also worked for the following firms:

• Cetera Investment Advisers (CRD#:105644)
• First Allied Securities (CRD#:32444)
• First Allied Advisory Services (CRD#:137888)
• New England Securities (CRD#:615)

Kurta Law Can Help

If you worked with Bill Fox and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.