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William Humber Allegedly Engaged in Fraud, Other Violations

William Humber (CRD #: 5764524), a broker registered with Stifel, Nicolaus & Company, is the subject of a pending dispute, according to his BrokerCheck record, accessed on September 3, 2022. Read on if you want to know more about his conduct as a broker.

Investor Dispute

On June 17, 2022, an investor alleged that William Humber committed fraud, breached his contract, violated the Alabama Securities Act and multiple FINRA rules, and committed violations of FINRA’s suitability rule. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must use the information contained in an investor’s profile, including their age, other investments, and risk tolerance when recommending investments.

  • Investments can be unsuitable because they are too risky for the investor.
  • They may also be unsuitable because they lack liquidity, making them more difficult and expensive to sell on short notice.
  • Trading activity can be quantitatively unsuitable, meaning that the broker executed an excessive number of trades.

Investment strategies must also meet these requirements. For instance, overconcentration of securities in a single sector can come with a level of risk that makes the strategy unsuitable for the client.

Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

What are Blue Sky Laws?

Blue Sky Laws are state-level regulations designed to give investors another layer of protection against fraud. These laws forbid fraudulent conduct and may also define what qualifies as a security in the state.

Background Information

William Humber has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

William Humber is a registered broker in eight states and a registered investment adviser in Alabama and Texas.

He has also worked for Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691).

Kurta Law Can Help

If you worked with William Humber 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.