William Carey Roebuck Audit (2023) – A Scam or Legit Broker?

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William Carey Roebuck  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with William Carey Roebuck.

The stock market is a device for transferring money from the impatient to the patient… Warren Buffet

BrokerComplaints.com is currently investigating allegations related to William Carey Roebuck. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

 

About William Roebuck

William Carey Roebuck is an Investment Adviser. William Carey Roebuck’s Central Registration Depository (CRD) number is 402471 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/402471.

Click here to download a Detailed Audit Report for William Carey Roebuck.

William Carey Roebuck has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

 

Accusations and Disclosures

You can find below, a quick snapshot of William Carey Roebuck’s regulatory actions, arbitrations, and complaints.

 

DISCLOSURE 1 – 

 

  • Event Date: 2/26/2003
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CLAIMANT ALLEGES THAT FINANCIAL ADVISOR ROEBUCK BREACHED HIS FIDUCIARY DUTY BY ENGAGING IN UNAUTHORIZED AND UNSUITABLE TRADING WHICH RESULTED IN LOSSES.
  • Damage Amount Requested: $300,000.00
  • Settlement Amount: $100,000.00
  • Arbitration Claim Filed Detail: 03-01213
  • Arbitration Docket Number:
See also  Richard Steven Berman Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 2 – 

 

  • Event Date: 3/13/2002
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CUSTOMER CLAIMS THAT BROKER MADE UNSUITABLE INVESTMENTS BASED UPON HER INVESTMENT OBJECTIVES. ADDITIONALLY, CUSTOMER ALSO CLAIMS THAT BROKER MADE A GUARANTEE REGARDING INCOME THAT SHE WOULD RECEIVE FROM THE ACCOUNT WITHOUT AN INVASION OF HER PRINCIPAL. FINALLY, CUSTOMER ALSO INDICATES THAT TRADES WERE MADE WITHOUT HER AUTHORIZATION. TIME PERIOD: 1999 – 2001.
  • Damage Amount Requested: $250,000.00
  • Settlement Amount: $30,000.00
  • Arbitration Docket Number:

 


 

DISCLOSURE 3 – 

 

  • Event Date: 4/16/2001
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CLIENT ALLEGES THAT FA ENAGAGED IN TRADING THAT WAS \SPECULATIVE AND UNSUITABLE\ AND \UNAUTHORIZED.\ TIME PERIOD AND PRODUCT UNSPECIFIED.
  • Damage Amount Requested: $10,000.00
  • Settlement Amount: $9,000.00
  • Arbitration Docket Number:

 


 

DISCLOSURE 4 – 

 

  • Event Date: 10/1/1996
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: CLIENT ALLEGES UNSUITABILITY CLIENT DOES NOT SPECIFY WHICH TRADES WERE ALLEGEDLY UNSUITABLE. CLIENT ALLEGES FURTHER THAT TRADING PRODUCED MORE IN COMMISSIONS TO PAINEWEBBER THAN GAINS TO CLIENT COMPLAINT RECEIVED BY PAINE WEBBER.
  • Settlement Amount: $18,750.00
  • Arbitration Claim Filed Detail: 97-03123
  • Arbitration Docket Number:
  • Broker Comment: THIS MATTER HAS BEEN SETTLED FOR $18,750 ROEBUCK DID NOT CONTRIBUTE TO THE SETTLEMENT NOR WAS HE ASKED TO CONTRIBUTE NOT PROVIDED

 


 

DISCLOSURE 5 – 

 

  • Event Date: 2/28/1994
  • Disclosure Type: Customer Dispute
  • Disclosure Resolution: Settled
  • Disclosure Detail :: Allegations: COMPLAINT RECEIVED BY PAINEWEBBER CLIENT ALLEGES MISREPRESENTATION OF LIMITED PARTNERSHIPS; NO SPECIFIED DAMAGES ALLEGED BUT BELIEVED TO BE IN EXCESS OF $5,000
  • Settlement Amount: $40,000.00
  • Arbitration Docket Number:
  • Broker Comment: PAINEWEBBER SETTLED FOR $40,000 IN EXCHANGE FOR THE IP UNITS. Not Provided

 


 

DISCLOSURE 6 – 

 

  • Event Date: 8/1/1956
  • Disclosure Type: Criminal
  • Disclosure Resolution: Final Disposition
  • Disclosure Detail :: Criminal Charges :: Charges: CHARGED PL PETTY LARCENY
  • Disposition: RELEASED-NO FORMAL CHARGES FILED
  • Broker Comment: DURING SUMMER VACATION IN 1956 A HIGH SCHOOL CLASSMATE AND I WENT TO FT LAUDERDALE, FL TO WORK. HE GOT A DAY JOB AND I WORKED AT NIGHT WASHING DISHES AT A RESTUARANT. WE SHARED A ROOM WE FOUND IN HALLENDALE, FL. I WAS RETURNING FROM WORK AT ABOUT 1:00 AM WHEN I WAS STOPPED BY A LOCAL POLICE OFFICER. I WAS DRIVING MY ROOMMATE’S CAR, WHICH WAS QUITE OLD, AND IT HAD OHIO LICENSE PLATES. I HAD NO REGISTRATION FOR THE CAR AND I DID NOT HAVE MY WALLET. THE OFFICER WAS CERTAIN THAT THE CAR WAS STOLEN AND I WAS UP TO NO GOOD. HE TOOK ME TO THE LOCAL POLICE STATION WHERE I WAS UNABLE TO REACH ANYONE WHERE I WORKED AND OUR ROOM HAD NO PHONE SO I COULD NOT PROVE OWNERSHIP OF THE CAR. THE OFFICER WAS SURE THE CAR WAS STOLEN EVEN THOUGH IT WAS WORTH LESS THAN $100. WHEN I WAS UNABLE TO FIND ANYONE TO VOUCH FOR ME I WAS SHIPPED TO THE DADE COUNTY JAIL AND WAS BOOKED. THE NEXT MORNING MY ROOMMATE REPORTED ME MISSING AND FOUND I WAS IN JAIL AND HIS CAR WAS IMPOUNDED. IT TOOK HIM ALL DAY TO GET BOTH OF US RELEASED. THERE WERE NO CHARGES AGAINST ME OR EVEN A TRAFFIC TICKET. THE ONLY THING I REMEMBER WAS WHEN I WAS RELEASED FROM THE DADE COUNTY JAIL I WAS TOLD THAT THE RECORD WOULD BE CLEARED SINCE I HAD DONE NOTHING EXCEPT DRIVE WITHOUT MY LICENSE.
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According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

 

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

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  • UBS FINANCIAL SERVICES INC. (CRD#: 8174) :: 1/31/1980 – 7/7/2020 :: COLUMBUS, OH
  • PAINE, WEBBER, JACKSON & CURTIS INCORPORATED (CRD#: 640) :: 7/16/1976 – 1/31/1980
  • MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. (CRD#: 572) :: 1/22/1970 – 9/3/1976

 

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

William Carey Roebuck

 

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including William Carey Roebuck, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

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There are 10 major types of complaints we receive against Investment Brokers –

  • Outright Theft (Conversion of Funds)
  • Unauthorized Trading
  • Misrepresentation or Omission of Material Facts
  • Excessive Trading (Churning)
  • Lack of Diversification
  • Unsuitable Investment Recommendations
  • Failure to Disclose a Personal Conflict of Interest
  • Front Running of Transactions
  • Breakpoint Sale Violations
  • Negligent Portfolio Management

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

 

William Carey Roebuck

 

Here are 5 signs that your broker needs to be reported –

  • Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
  • Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
  • Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
  • Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
  • Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
  • Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
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Report William Roebuck

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

William Carey Roebuck – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

  • Name and symbol for the investment product in question.
  • The CRD number (402471) for the broker – William Carey Roebuck
  • Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

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