Meyer Wilson is investigating investments made by William Francis Gillis (CRD# 1198878), a National Securities Corporation broker from Seattle.
According to an April 17 BrokerCheck report by the Financial Industry Regulatory Authority (FINRA), Gillis has many resolved and pending customer disputes on his record. Gillis has been in the financial industry for 28 years but is not currently affiliated with any firm.
His most recent registration was with National Securities Corporation in Seattle, Washington, where he worked from 2008 to 2015. Just prior to that, he was registered with Wachovia Securities, also of Seattle, from 2001-2008. From 1988 to 2001, he was with CIBS World Markets in New York, New York. His initial years in the securities industry were spent at E.F. Hutton & Company from 1986 to 1988.
All of the following pending investigations stem from the years Gillis was employed with National Securities.
Uncovering Stockbroker Fraud
One of the more common accusations in the complaints filed against Gillis is negligence. How do you know if a broker was negligent?
The main issue is whether or not the broker’s conduct fell below an acceptable standard of care.
Negligence doesn’t have to be an intentional act. A broker who neglects to monitor your accounts to prevent a financial loss could be considered negligent.
Another common thread in the allegations against Gillis is the accusation of breach of fiduciary duty.
Oftentimes brokers are held to a standard known as fiduciary duty. This duty can include placing the client’s interests above their own or ahead of the interests of the brokerage.
Fiduciary duty also can mean the duty to monitor changing markets that impact the client’s investments, to advise the client on possible benefits and risks affiliated with investment recommendations, and to keep the client in the loop of all transactions that affect that client’s investments.
A breach of fiduciary duty means a broker and/or their firm has betrayed an investor’s trust and confidence and can be held responsible for any losses because of it.
If you made investments with William Gillis and believe you might be a victim of stockbroker misconduct, contact the investment fraud attorneys at Meyer Wilson today for a free consultation.