Investors Allege William Young Misled Them About GWG Holdings Investments

William Young (CRD #: 4787488), a broker registered with Ameriprise Financial Services, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on March 7, 2025. Keep reading for details about his alleged conduct as a broker.

Investor Disputes

On January 2, 2025, multiple investors filed a dispute alleging that William Young failed to conduct reasonable due diligence on an investment in GWG Holdings and misrepresented this investment.

The clients further alleged that this investment was unsuitable for their investment objectives, risk tolerance, and financial situations. They seek $101,400 in this pending dispute.

Pending disputes filed on June 4 and December 3, 2024, allege that William Young misled them with regard to GWG Holdings. The former seeks $150,000 in damages.

On September 25, 2024, an investor alleged that William Young gave an unsuitable investment recommendation. The client seeks $200,000 in damages in this pending dispute.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their age, risk tolerance, tax status, and overall financial situation.

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

Background Information

William Young has passed the following exams:

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

William Young is a registered broker in 13 states and the District of Columbia. He is also a registered investment adviser in Maryland and Texas.

He has also worked for the following firms:

• Kingswood Capital Partners (CRD#:288898)
• Kingswood Wealth Advisors (CRD#:288792)
• Niagara International Capital (CRD#:135327)
• H. Beck (CRD#:1763)
• United Brokerage Services (CRD#:39062)
• Amerivest Investment Management (CRD#:111514)
• TD Ameritrade (CRD#:7870)
• M&T Securities (CRD#:17358)
• American Express Financial Advisors (CRD#:6363)
• IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with William Young 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 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.