A Pending Claimant Alleges That Concorde Investment Services Broker W. Aubrey Morrow Recommended High-Risk Investments Misaligned with Their Stated Goals
The Financial Industry Regulatory Authority, Inc. (FINRA) Brokercheck Report for Concorde Investment Services, LLC broker W. Aubrey Morrow reveals a pending customer dispute filed against him on May 27, 2020. The investment adviser’s client alleges that he encouraged them to trade high-risk investments that weren’t tolerable to them nor aligned with the objectives they had outlined with Morrow. The customer claims $100,000 in losses as a result of this.
Investor lawyer Alan Rosca and the other attorneys at Rosca Scarlato work closely with individuals who have lost significant savings at their investment adviser’s or broker’s hands. The firm’s attorneys specifically take on cases where these financial professionals’ alleged negligence, misrepresentations, and/or other potentially unethical or unprofessional actions have resulted in these losses.
Attorney Rosca and his investor lawyer colleagues are actively investigating recent customer complaints filed against William Aubrey Morrow. Call Rosca or his fellow attorneys at 888-998-0530 or email him at arosca@rscounsel.law with any information about your experience working with broker Morrow and learn about potential remedies that may be available to you depending on your case’s unique circumstances.
William Morrow and His Customers Have Settled 10 Disputes During His Career
The FINRA Brokercheck Report for William Morrow chronicles how a customer of his filed their first claim against him for fraud in 1988. He ultimately settled that claim for $35,537. Morrow then faced another claim for unsuitability, fraud, fiduciary duty breaches and misrepresentations in 1994 for $7,000.
Morrow lost a customer dispute in which the customer accused him of negligence, misrepresentations, fraud, unsuitability and a breach of fiduciary duty. The arbitration panel found Morrow liable and ordered him to pay $206,875.01 in 2004. It wasn’t long after this case was filed that Morrow’s then-employer, the Omaha, Nebraska-based QA3 Financial Corp. permitted him to resign from his role with the company.
Morrow went on to work for the San Diego brokerage Independent Financial Group, LLC from 2004 to 2018 initially as a broker and then also as an investment adviser. It’s during his tenure with that brokerage firm that he faced nine customer disputes. Most of the claims cited transaction unsuitability, fraud, negligence, misrepresentations and breaches of both contractual and fiduciary duties as the reason for the filings.
William Morrow Customers Alleged Multi-Million Dollar Cumulated Losses
Complaints forwarded by customers include a lack of supervision claims associated with a 1031 exchange between 2007 and 2008. That claimant claimed a loss of $2,111,130 but settled their case for $450,000. Another customer who also utilized Morrow’s services for a real estate investment transaction in 2004 initially claimed $3 million in losses and ended up settling for $150,000 without the broker ever admitting or denying responsibility.
Another claimant in 2011 claimed that broker William Morrow violated suitability rules and engaged in professional negligence in handling their tenant in common (TIC) investment purchase five years earlier. The customer claimed $796, 904 in losses, but settled their case for $145,000. Another customer filed a similar claim that same year, claiming that Morrow violated the California Corporate Code in handling a TIC investment situation. The client demanded $613,310 in damages, and Morrow settled for $250,000.
A third customer filed a TIC dispute against the broker in 2012. They claimed $1.1 million in losses; however, the broker settled the matter for $75,000. A fourth customer filed a TIC complaint against Morrow in 2015 and claimed damages of $730,000 when they did so. They settled for $100,000.
All of the claimants filed claims against Morrow during his 14-year career at Independent Financial Group. LLC settled these cases for a collective $1.78 million, a number well below what their original demands were.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
What Your Options Are If You Let William Aubrey Morrow Handle Your Investments and Believe You Suffered Losses
The investor lawyers at Rosca Scarlato have decades of experience working with individuals who have entrusted their life’s savings to their investment adviser or broker only to have them unnecessarily squander their funds. Alan Rosca and his fellow attorneys are currently investigating William Aubrey Morrow’s alleged misrepresentations, negligence, and customer complaints.
The attorneys at Rosca Scarlato encourage investors to reach out to them for a free, complimentary, and no-hassle consultation where you can share your experience working with broker William Morrow. Please note that the attorneys at Rosca Scarlato LLC take most of their cases on a contingency basis, which means that the firm’s lawyers advance the costs associated with representing investors, do not require any money down, and only get paid for their fees and expenses at the conclusion of the case, if they are successful (the expenses are deducted from the recovery before the fees are calculated). We only get paid if we win.
You can reach attorney Alan Rosca by sending him an email at arosca@rscounsel.law, filling in the adjoining contact form, or calling 888-998-0530 to tell your story and jumpstart the investigation into your case.
