Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker William Wright from the securities industry. Mr. Wright consented to the bar after FINRA alleged that he failed to cooperate with a FINRA investigation into whether Mr. Wright inappropriately borrowed money from a customer. Mr. Wright was associated with National Securities Corporation in New York, NY, from February 2015 until he was discharged in November 2020 for allegedly borrowing money from a customer of the firm.
Customers of Mr. William Wright or National Securities Corporation can contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as National Securities Corporation.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020068758101
William Wright and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on August 19, 2021, after Mr. Wright refused to cooperate with a FINRA investigation. FINRA launched an investigation after National Securities Corporation discharged Mr. Wright and alleged that he borrowed money from a customer of the firm.
On June 2, 2021, in connection with FINRA’s investigation, FINRA sent a request to Mr. Wright for the production of information and documents pursuant to FINRA Rule 8210. On June 25, 2021, Mr. Wright stated in an email to FINRA that he would not produce the information or documents requested.
Mr. Wright’s refusal to provide the information and documents requested by FINRA is a violation of FINRA Rules 8210 and 2010.
Financial Advisor William Wright Jr. (CRD No. 3048195)
William Wright, Jr. had 16 years of experience in the securities industry and has been associated with eight different firms. In February 2015, Wright became affiliated with National Securities Corporation in New York, New York. National Securities Corporation terminated Mr. Wright’s employment in November 2020. In connection with the termination, the firm alleged that Mr. Wright borrowed money from a customer of the firm.
According to his BrokerCheck report, Mr. Wright is currently the subject of a customer dispute. The customer filed a securities arbitration complaint in January 2021, which alleged that Mr. Wright failed to follow the customer’s instructions. The customer is seeking $65,000 in damages. The dispute is still pending resolution.
FINRA’s BrokerCheck tool can be used to obtain Mr. Wright’s complete and updated disclosure report.
National Securities Corporation – A Duty to Supervise
Brokerage firms like Folger Nolan Fleming Douglas Incorporated must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor William Wright or National Securities Corporation, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.