Silver Law Group is investigating former PFS Investments Inc. (CRD# 10111) broker William Upchurch Jr. (CRD# 1195846) after FINRA permanently barred the broker.
According to Upchurch’s FINRA BrokerCheck report, FINRA permanently barred Upchurch from acting as a broker or otherwise associating with firms that sell securities to the public in July 2016. According to the BrokerCheck report, Upchurch failed to respond to a FINRA request for information.
In September 2015, Upchurch settled a FINRA arbitration for the full amount after the customer alleged she could not locate a $20,000 account Upchurch had established for in 2013.
The FINRA arbitration settlement followed a discharge in May 2015. According to Upchurch’s BrokerCheck report, PFS Investments discharged Upchurch after the firm obtained information indicating that Upchurch may have been involved in an undisclosed outside business activity. According to Upchurch’s detailed CRD report, the only other business activities listed are the sale of investment-related products for companies affiliated with PFS Investments. The companies affiliated with PFS Investments are not listed in the detailed CRD report.
PFS Investments employed Upchurch the entirety of his career selling securities – a whopping 31 years. Upchurch was based out of the Largo, Maryland branch of PFS Investments.
FINRA requires brokers and other registered persons to reports his or her outside business activities under FINRA Rule 3270. The member brokerage firm will then consider whether the outside business activity will interfere or compromise the broker’s responsibilities to the firm and his or her customers and whether or not the outside business will be viewed by the public as part of the member brokerage firm’s business.
While a broker can remain neutral and detached from his or her outside businesses, it’s important for that broker to disclose those outside businesses to his or her customers. Sometimes, those outside businesses can cause a broker to recommend the customer invests in something that will financially help the broker’s outside business rather than one suitable for the customer. Other times, the outside business might impede on the broker’s time and devotion to his customers.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.
If you have invested with William Upchurch Jr. and PFS Investments and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.