William Seibert Allegedly Recommended Unsuitable Oil & Gas Investments

William Seibert (CRD #: 2710335), a broker registered with Raymond James & Associates, allegedly recommended unsuitable and risky investments, according to his BrokerCheck record, accessed on February 16, 2023. Read on if you have questions about his alleged conduct as a broker.

Investor Disputes

On January 13, 2023, several investors filed a dispute alleging that William Seibert made unsuitable recommendations of high-risk oil and gas investments. This dispute is currently pending.

In a dispute filed on January 4, 2021, multiple investors alleged that William Seibert recommended unsuitable investments (mostly consisting of oil and gas securities) and engaged in reverse churning. One investor also alleged that William Seibert failed to disclose the use of margin in the client’s account.

The investors alleged that this misconduct took place from May 17, 2001, to the date of filing. This dispute was settled for $897,500.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes certain characteristics, such as their age, risk tolerance, and financial goals.

Churning (also called excessive trading) occurs when a broker executes a high number of trades in a client’s account. This generates fees and commissions that cut into the client’s returns.

In accounts that charge a flat fee rather than commissions, brokers may “reverse churn” by purposefully making few or no trades in order to keep the account value high, resulting in a higher fee.

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

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, and other fraudulent means of influencing the purchase or sale of securities. The misrepresentation or omission of material facts violates this rule.

Background Information

William Seibert has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination
• Series 10 – General Securities Sales Supervisor – General Module Examination

William Seibert is a registered broker in 45 states and a registered investment adviser in Louisiana and Texas.

He has also worked for the following firms:

• Morgan Keegan & Company (CRD#:4161)
• Wells Fargo Investments (CRD#:10582)
• Wells Fargo Brokerage Services (CRD#:16100)
• Pritchard Capital Partners (CRD#:100480)
• Bank United Securities Corporation (CRD#:30288)

Kurta Law Can Help

If you worked with William Seibert 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.