Frier is named in a customer dispute alleging unexplainable losses due to investments in leveraged ETFs
The Sonn Law Group is investigating allegations that William Frier made unsuitable investment recommendations. 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 Frier (CRD#: 1029781) was previously employed at Parkland Securities in Colorado Springs, CO from October 2012 until November 2017. Previously, Frier was employed with LPL Financial in Colorado Springs from January 1989 until October 2012.
Frier has four disclosures on his BrokerCheck report.
February 2020 Regulatory Judgment
- Status: Final
- Initiated By: Missouri
- Allegations: “Frier transacted business in the State of Missouri without being registered or exempt from registration in violation of Section 409.4-404(a)”
- Resolution: Consent
- Sanctions: Monetary Penalty other than Fines
- Amount: $20,000.00
- Sanctions: Prohibition
- Broker Comment: “On Nov. 27th, Pathway applied for State registration as an Investment Adviser with the State of Missouri. Upon review, it was determined that Pathway exceeded the 5 di minimus rule prior to registration.”
January 2020 Regulatory Judgment
- Status: Final
- Initiated By: Colorado
- Allegations: “Failure to fully disclose use of, and the significant risks in, trading inverse and leveraged exchange traded funds placed in the accounts of his customers, in violation of Rule 51-4.8(IA)
- Resolution: Stipulation and Consent
- Sanctions: Undertaking
- Sanctions: “Retain a compliance consultant for a period of two years to review the advisory business of the respondent and to develop supervisory procedures pertinent to the analysis, monitoring and risk disclosures related to trading strategies and complex products, including trading in inverse and/or leveraged exchange traded funds, and to perform two annual reviews/ analyses of all client accounts utilizing complex products such as inverse and/or leveraged exchange traded funds for consistency with client objectives and the security’s prospectus, the respondent’s journal, supervisory procedures manual and disclosure documents, including Form ADV Part 2.”
February 2020 Customer Dispute
- Status: Pending
- Allegations: “Customers, a couple, questioned losses in jointly-managed accounts between Jan. 1, 2018 – Dec. 3, 2018. Losses allegedly were due to investments in leveraged ETFs for a portion of portfolio.”
- Broker Comment: “Adviser responded that investments in question were approved by customers, consistent with their risk tolerance and objectives.”
October 2012 Employment Separation After Allegations
- Firm Name: LPL Financial
- Termination Type: Discharged
- Allegations: “Violation of the firm’s document signature policy.”
- Broker Comment: “The broker does not feel that he was in violation of LPL Financial’s document signature policy and was never provided with evidence to support the allegation. FINRA has completed its inquiry into this matter and has closed their file.”
Contact Us Today
The Sonn Law Group is currently investigating allegations that William Frier 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.