Broker Stephen Williams Subject Of 7 Customer Disputes

Stephen Joe Williams (CRD #2395948) is a registered broker and investment advisor currently employed by NEXT FINANCIAL GROUP, INC. (CRD #46214) of Madison, AL, since 2007. His previous employers are Securities Service Network, Inc. (CRD #13318) of Huntsville, AL, Raymond James Financial Services, Inc. (CRD #6694) of St. Petersburg, FL, and Edward Jones (CRD #250) of St. Louis, MO. He has been in the industry since 1994.

Williams’ most current customer dispute is pending, and was filed on 2/26/2018. The case centers on allegations that during June of 2008, Williams recommended non-traded REITS (real estate investment trusts) and didn’t disclose the nature and risks of these kinds of private securities. The customer is requesting damages of $350,000.

On 2/2/2018, another customer’s attorney filed a similar allegation with a 2008 time frame. Williams allegedly solicited the client to invest $50,000 in UDF III without informing him of the inherent risks of this illiquid investment. Although the customer requested remediation of $50,000, the dispute was denied.

Three previous disputes were settled. The first was filed on 8/2/2017, also alleging unsuitable sales of non-traded REITS, this time in 2007. The customer requested damages of $50,000, and the case was settled for $3,900.

The next dispute, filed on 07/31/2017, had similar allegations of five non-traded REITS, from March 2005 through December 2008. Two of these purchases were made prior to Williams joining Next Financial. The client requested damages of $5,000, and the case was settled for $37,500.

A dispute filed on 01/08/2011 included allegations that Williams misrepresented Provident Shale Royalties 8, an “unsuitable product” in April of 2008. The client requested damages of $80,000, and the case settled for $50,000.

In August of 2010, another dispute alleged that misrepresentations by Williams caused a client losses of $120,000. That case settled for $560.00.

In an action filed on 5/3/2007, the Commissioner of Insurance in the State of Georgia sanctioned Williams with a 12-month nonresident probationary license for offering and selling what it called “unsuitable investments.” No monetary sanctions were issued.

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