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William Friedman Suspended After Allegedly Failing to Comply with Arbitration Award

Dec 29, 2021 Barred Broker

William Friedman (CRD #: 2475502), a broker formerly registered with Pinnacle Investments, has been suspended by FINRA for allegedly failing to comply with an arbitration award or settlement agreement, according to his BrokerCheck Record accessed on December 6, 2021. 

FINRA Bar 

On October 5, 2021, William Friedman was barred from association with any FINRA member in all capacities. William Friedman failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he was automatically barred from association with any FINRA member in all capacities. 

FINRA Suspension 

William Friedman’s bar stems from a suspension. FINRa alleged that he failed to comply with a FINRA arbitration award. FINRA arbitration awards are binding, with only limited appeal rights. Registered representatives or firms subject to an adverse decision in award-related arbitration proceedings are required to pay an award within 30 days. Failure to take action could result in suspension. Notably, FINRA Rule 9554 contains expedited disciplinary procedures for a broker or broker-dealer's failure to comply with the terms of an arbitration award.  

You can access the full arbitration details here. 

Prior Disclosures 

Customer Disputes 

  1. On March 26, 2021, a dispute was filed against William Friedman alleging unsuitable recommendations, misrepresentations, negligence/breach of fiduciary duty, unauthorized trading, and failure to supervise. The damage amount requested was $700,000 — the dispute is still pending.  
  2. On February 3, 2021, a dispute was filed against William Friedman alleging elder abuse and unjust enrichment, along with investments in unsuitable securities. The dispute entered FINRA arbitration, and the arbitration panel awarded the investor $250,000. You can read a copy of the arbitration award here. 

According to the Regulator Statement section of the disclosure, the award had not been paid by or on behalf of William Friedman as of October 5, 2021 

Tax Liens 

Between 2015 and 2019, William Friedman was the subject of two tax liens that collectively total 12,845,611.61.  

Background Information 

William Friedman has passed the following exams: 

  • Series 63 - Uniform Securities Agent State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 7 - General Securities Representative Examination 
  • Series 10 - General Securities Sales Supervisor - General Module Examination 
  • Series 9 - General Securities Sales Supervisor - Options Module Examination 

William Friedman has also worked with the following firms: 

  • Woodstock Financial Group (CRD#:38095) 
  • Newbridge Securities Corporation (CRD#:104065) 
  • Brookstreet Securities Corporation (CRD#:14667) 
  • Raymond James Financial Services (CRD#:6694) 
  • Charles Schwab & Co. (CRD#:5393) 
  • Muriel Siebert & Co.(CRD#:5376) 
  • Waterhouse Securities (CRD#:7870) 
  • L.C. Wegard & Co.(CRD#:3722) 
  • Chatfield Dean & Co.(CRD#:14714) 
  • J. Gregory & Company (CRD#:14892) 

Kurta Law Can Help  

If you have been victimized by William Friedman, don't hesitate to get in touch with us today 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 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.