Mar 8, 2022
DID JONATHAN SPENCER WILLIAMS CAUSE YOU INVESTMENT LOSSES? Jonathan Williams Formerly With NYLIFE Securities Has 19 Customer Complaints For Alleged Broker Misconduct Who is Jonathan Williams formerly with NYLIFE Securities? Jonathan Williams (CRD #4069029) who was formerly registered with NYLIFE Securities and located in Timonium, Maryland is a subject of one of our many securities industry sales practice abuse investigations. Jonathan Williams has also been the subject of a FINRA investigation after he was terminated by NYLIFE Securities. Apparently, Jonathan Williams refused to cooperate with the FINRA investigators and refused to provide on-the-record testimony requested by the regulators. Consequently, he was permanently barred from any further association with any member firm in any capacity. Jonathan Williams Customer Complaints Jonathan Williams has been the subject of 19 customer complaints that we know about. Fifteen of Jonathan Williams’ 19 customer complaints were settled in favor of investors. Four of Jonathan Williams’ customers’ complaints were denied and, to date, the customers have not taken any further action. Allegations Against Jonathan Williams A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows: Claimant alleged that he liquidated whole life policies and fixed annuities and was misled into purchasing an unsuitable investment that was sold in violation of federal and state securities registration and disclosure laws allegedly committed by Jonathan Williams. Customer alleged that Jonathan Williams misrepresented her accounts with the firm as having a total value of $200,000 with $50,000 being in cash. Further, the customer expressed concern with a monthly $200 deduction from her personal checking account. In response to an audit letter sent by the firm, the customer advised the firm that she was unaware that she was the owner of two NYLIFE brokerage accounts which were opened and listed on her policy summary report. She further stated that she did not authorize any transactions from those accounts allegedly committed by Jonathan Williams. The policyowner has also requested a thorough review of all of her policies since the account balance of her variable annuities has dropped significantly. Claimants allege that Jonathan Williams made an unauthorized transaction when he moved funds from a traditional IRA to a Roth IRA without her knowledge or authorization. She became aware of this when she received a notice of levy from the IRS for unpaid taxes incurred due to the transaction. The policyowner asked the Firm to fix this matter and conduct an audit of her policies and accounts while Mr. Williams was her agent. Policyowner alleged she is unable to identify all of the withdrawals from her accounts that were handled by Jonathan Williams. She asked for an accounting of all withdrawals and redemptions taken from her policy and accounts. Policyowner stated she had questions concerning three withdrawals made from her variable annuity policy totaling $37,901.22. The policyowner requested the company review all of her policies and provide her information regarding the questionable withdrawals which occurred when Jonathan Williams allegedly was handling her accounts. The client alleged that Jonathan Williams invested her funds in unsuitable products and charged her an excessive fee for financial planning. The customer requested the transaction history for his brokerage account stating that his brokerage account value was over $9,000 and then after was $0.00. He also stated he never received any money from that account and assumed that Jonathan Williams allegedly transferred the funds to an insurance policy that never existed. The customer voiced concerns regarding checks made payable in connection with a defined benefit pension plan for her employees to Mid Atlantic Financial, which was believed to be affiliated with New York Life allegedly committed by Jonathan Williams. The customers alleged that IRA contributions in the amount of $12,000 paid directly to Mid-Atlantic Financial were unaccounted for, which resulted in tax liabilities allegedly committed by Jonathan Williams. The customers alleged that Jonathan Williams invested their funds in unsuitable, risky, and high commission products, effectuating withdrawals from their accounts sometimes through forged documents resulting in large surrender charges and unnecessary tax consequences and penalties. The customers’ further alleged that Mr. Williams created private placement investments and certificates of deposit and stole their funds, demanding checks and payment of fees to entities under his control. The customers demanded $900,000 reimbursement for misappropriated funds and unsuitable sales. The customers requested that NYL provide them with an accounting of the $25,000 they gave Jonathan Williams allegedly, which included a check for $10,000 made payable to Jonathan Williams Financial Planning to purchase stock certificates for Lyfe Kitchen common stock. They also alleged that Mr. Williams moved $15,000 into a certificate of deposit. The policyowner alleged that Jonathan Williams made unauthorized withdrawals from her variable annuity accounts and a brokerage account. The policyowner authorized NYL to review her portfolio for discrepancies and irregularities and requested all funds misappropriated from her account by Mr. Williams be returned to her. The policyowner stated he gave Jonathan Williams allegedly four checks made payable to Mid-Atlantic Financial totaling $114,000 to purchase certificates of deposit but did not believe the CDs were ever purchased. The policyowner further stated that he incurred $2,700 in fees and charges in his variable annuity cash management account because Mr. Williams allegedly failed to provide investment advice for $39,000 deposited in the account. The policyowner requested that NYL assist him in recovering his funds. The policyowner stated she purchased certificates of deposit from Jonathan Williams allegedly that were issued by Mid-Atlantic Financial, which she assumed was “affiliated” with New York Life. The policyowner stated she purchased certificates of deposit from Jonathan Williams allegedly totaling $411,214 that were issued by Mid-Atlantic Financial, which she assumed was “affiliated” with New York Life. The policyowners alleged that funds they invested with Jonathan Williams were missing from their accounts and that Mr. Williams gave them fraudulent account numbers. They requested the firm provide an accounting of all transactions in their accounts for the period they were represented by Mr. Williams and reimbursement of all missing funds. The policyowners...
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