William Collins Allegedly Engaged in Unauthorized Trading

William Collins (CRD #: 2787822), a broker registered with Cetera Advisor Networks, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on March 15, 2024. Details concerning this dispute are provided below. 

Investor Disputes

On January 4, 2024, an investor alleged that William Collins engaged in unauthorized and excessive trading. The dispute was settled for $225,000. 

There is also a settled dispute from 2020. On April 20, 2020, an investor alleged that William Collins engaged in unauthorized trading. The investor is seeking $800,000 and the dispute settled for $75,000. 

Unauthorized Trading

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in pre-authorized accounts. Both the firm and the client must approve an account before discretionary trading can occur.

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Background Information 

William Collins has passed the following exams:

• Series 66 Uniform Combined State Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination 

He is a registered broker in five states and is a registered investment adviser in Michigan. 

During his 27 years of experience, William Collins has registered with the following firms: 

• Cetera Advisor Networks (CRD #: 13572) 
• Cetera Investment Advisers (CRD #: 105644) 
• Morgan Stanley (CRD #: 149777) 
• Wells Fargo Advisors (CRD #: 19616) 
• A.G. Edwards & Sons 

Kurta Law Can Help 

If you have worked with William Collins and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.