William Aubrey Morrow, Broker with Concorde Investment Services, Facing Customer Dispute Seeking $100K in Damages

Morrow is accused of recommending unsuitable high-risk investments.

The Sonn Law Group is investigating allegations that William Morrow recommended unsuitable investments. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

William Aubrey Morrow (CRD#: 836500) is registered as a broker and investment adviser with Concorde Investment Services in San Diego, California, where he has been employed since 2018. Morrow was previously registered as a broker and investment adviser with Independent Financial Group from 2005 until 2018. 

Morrow has fourteen disclosures on his BrokerCheck report. Twelve of the disclosures occurred after 2000. 

May 2020 Customer Dispute

• Status: Pending
• Allegations: Statement of claim alleges that investments were high risk and not in line with their stated objectives and risk tolerance.
• Damage Amount Requested: $100,000.00

February 2015 Customer Dispute

• Status: Settled
• Allegations: Statement of claim alleged unsuitability; breach of fiduciary duty; common law fraud; breach of contract; violation of California Securities Act; negligent supervision; sale of unregistered securities in connection with tenant in common (TIC) investments purchased in 2006.
• Damage Amount Requested: $730,000.00
• Settlement Amount: $100,000.00
• Broker Comment: Firm and registrant deny all allegations in the statement of claim, the clients were highly sophisticated real estate investors who were accredited and informed of the risks and rewards of each investment. Investments were suitable for their tax situation and investment objectives.

November 2012 Customer Dispute

• Status: Settled
• Allegations: Unsuitable transactions; omissions; misrepresentation; breach of contractual and fiduciary duties.
• Damage Amount Requested: $1,452,659.00
• Settlement Amount: $380,000.00
• Broker Comment: Recommendations were suitable in consideration of the client’s investment objectives, tax situation and experience investing in real estate. Firm and registrant deny all allegations and will deny all allegations and will defend the transactions. Without admitting or denying the allegations in this claim, the parties settled the matter on January 3, 2014. Representative did not contribute to the settlement.

March 2012 Customer Dispute

• Status: Settled
• Allegations: Statement of claim alleged violation of federal & state securities laws; negligence, unsuitable recommendation; breach of fiduciary duty in connection with 2 tenant in common investments purchased in 2008.
• Damage Amount Requested: $1,100,000.00
• Settlement Amount: $75,000.00
• Broker Comment: Claimant was an experienced and accredited investor who was provided with all information related to the investments. Firm believes the complaint is market driven and will defend the transactions. On 7/17/13 without admitting any allegations, the parties settled for $75,000. Registrant did not contribute to settlement. 

December 2011 Customer Dispute

• Status: Settled
• Allegations: Breach of fiduciary duty; misrepresentation; negligence; violations of CA Corporate Code in connection with 2 tenant in common investments purchased in 2007.
• Damage Amount Requested: $613,310.00
• Settlement Amount: $250,000.00
• Broker Comment: Claimants are experienced and accredited investors who were fully informed of the potential risks associated with TIC investments. Firm and registrant deny allegations and will defend the transactions. Without admitting or denying the allegations in the statement of claim, the parties settled the matter to avoid further time and expense. Registrant did not contribute to settlement. 

October 2011 Customer Dispute

• Status: Settled
• Allegations: Allegations included misrepresentation; omissions; unsuitable recommendations; sale of unregistered securities in connection with 2 TIC investments in 2007.
• Damage Amount Requested: $594,171.00
• Settlement Amount: $233,000.00
• Broker Comment: Recommendations were suitable in consideration of client’s investment objectives, tax situation and experience investing in real estate. Firm and registrant deny all allegations and will defend the transactions. On 7/17/13 without admitting to any allegations, the parties settled the matter for $233,000. Registrant did not contribute to settlement. 

January 2011 Customer Dispute

• Status: Settled
• Allegations: Allegations include breach of fiduciary duty, fraud, misrepresentation, professional negligence & violation of suitability rules in connection with a tenant in common investment purchased in 2006.
• Damage Amount Requested: $796,904.00
• Settlement Amount: $145,000.00
• Broker Comment: Recommendations was made in consideration of client’s investment objectives, risk acceptance and financial sophistication. Registrant and firm defends the transaction. Without or denying the allegation, the parties settled to avoid further costs and resources related to a lengthy dispute. Registrant did not contribute to settlement. 

November 2010 Customer Dispute

• Status: Settled
• Allegations: Allegations include breach of contract, negligence, negligent representation, breach of fiduciary duty related to real estate investments in 2004.
• Damage Amount Requested: $3,000,000.00
• Settlement Amount: $150,000.00
• Broker Comment: Without admitting or denying the allegations stated in the claim, the parties settled the matter to avoid further time and costs associated with the dispute. Registrant did not contribute to settlement. 

August 2010 Customer Dispute

• Status: Settled
• Allegations: Claim alleges unsuitability; negligence; breach of fiduciary duty; breach of contract and failure to supervise in connection with 1031 exchange/TIC investments made in 2007 &2008.
• Damage Amount Requested: $2,111,130.00
• Settlement Amount: $450,000.00
• Broker Comment: Recommendations were suitable in consideration of client’s investment objectives, tax situation and experience investing in real estate. Firm and registrant intend to vigorously defend the transactions. On 11/18/2011 the parties settled the matter without admitting or denying the allegation in order to avoid further loss of time and resources involved with lengthy dispute. Registrant did not contribute to award. 

March 2010 Customer Dispute

• Status: Settled
• Allegations: Claimant alleges that her investment in an unsecured note of Docuvision on or about March 2, 1998 was unsuitable.
• Damage Amount Requested: $22,000.00
• Settlement Amount: $6,500.00
• Broker Comment: Claimant dismissed case against defendant without any payment by defendant (Morrow or Financial Designs). B/D decided to make payment to cover claimant’s legal expenses to avoid further litigation.

March 2004 Employment Separation After Allegations

• Firm Name: QA3 Financial Corp.
• Termination Type: Permitted to Resign
• Allegations: Mr. Morrow submitted business for a product he willingly knew he was not licensed to sell.
• Broker Comment: I voluntarily terminated my relationship with QA3 on January 23, 2004, effective March 1, 2004 as correctly reflected on the original form U-5 QA3 filed with the NASD dated March 1, 2004. Several months after the effective date of my resignation, I was advised that, as a result of a regulatory audit, the firm was required to file an amended form U-5 indicating that I was permitted to resign. I dispute that amended form U-5 and the purported reasons why it was filed.

May 2003 Customer Dispute

• Status: Award / Judgment
• Allegations: Breach of fiduciary duty, negligence, fraudulent misrepresentations, omissions, and unsuitable recommendations.
• Damage Amount Requested: $400,000.00
• Settlement Amount: $206,875.01
• Broker Comment: The award of $206,875.01 was based on a finding that the investments claimants made in Docuvision, Inc and Direct Access International, Inc are worthless. Of the total award, Docuvision Inc paid $28,000. The balance was paid by respondent.

Contact Us Today

The Sonn Law Group is currently investigating allegations that William Morrow recommended unsuitable investments. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.