William Weisbrod Barred by FINRA
William Weisbrod (CRD #: 812664), a previously registered broker with Purshe Kaplan, has been barred by FINRA. This disclosure appears on his BrokerCheck record, accessed on September 27, 2023. Keep reading if you have questions regarding his conduct as a broker.
On August 2, 2023, William Weisbrod entered into an Acceptance, Waiver, and Consent agreement (AWC) in which he consented to the findings that he breached his fiduciary duties for a community bank for which he served as an advisory director. According to FINRA, William Weisbrod recommended a risky strategy involving fixed-income securities. William Weisbrod allegedly directed this trading through a broker he knew. He and the broker allegedly shared the significant commissions. This trading strategy also incurred expensive markups, which William Weisbrod allegedly did not disclose to the bank.
The bank allegedly paid $1.25 million in additional markups and $600,000 to remediate the risky portfolio.
You can read a copy of the bar here.
Investor Dispute
On August 16, 2021, an investor alleged that William Weisbrod breached his fiduciary duty and executed unsuitable transactions. The investor sought $12,000,000 and the dispute settled for $425,000.
FINRA Rule 2111 – Unsuitable Investments
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. This rule also prohibits overconcentration, as placing too much of a portfolio in a single sector exposes the investor to unnecessary risk.
Background Information
William Weisbrod has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Series 99TO Operations Professional Examination
- SIE – Securities Industry Essentials Examination
- Series 5 Interest Rate Options Examination
- Series 15 Foreign Currency Options Examination
- Series 7 General Securiteis Representative Examination
- Series 8 General Securities Sales Supervisor Examination (Options Module & General Module)
During his 45 years of experience, William Weisbrod registered with the following firms:
- Purshe Kaplan Sterling Investments (CRD #: 35747)
- Wachovia Securities (CRD #: 19616)
- CitiGroup Global Markets (CRD #: 7059)
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
- Bache Halsey Stuart Shields Incorporated (CRD #: 7471)
- Bache Halsey Stuart (CRD #: 7238)
- Bache & Co. Incorporated (CRD #: 7058)
- Bache & Co. (CRD #: 66)
Kurta Law Can Help
If you worked with William Weisbrod and 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 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.