Allegations of Unsuitable Recommendations in Smashburger by Former Texas-based Next Financial Group Broker Investigation

Silver Law Group is investigating former Texas-based Next Financial Group, Inc. (CRD# 46214) broker Tye Calvin Williams (CRD# 1271046) after allegations of unsuitable investments in Smashburger and a FINRA permanent bar.

According to Williams’ FINRA BrokerCheck report, FINRA permanently barred Williams from acting as a broker or otherwise associating with firms that sell securities to the public in September 2016.  According to the BrokerCheck report, Williams and FINRA entered into an Acceptance, Waiver & Consent (“AWC”) to settle the allegations.

According to that AWC, FINRA found that Williams failed to produce documents and information after being repeatedly requested to do so by FINRA.  The findings stated that the documents and information requested by FINRA are related to an investigation regarding a customer complaint alleging that Williams converted over $1 million from customers’ accounts, made unsuitable recommendations, and engaged in unauthorized transactions and mismanaged assets.

Williams has two other disclosures, FINRA arbitrations, on his BrokerCheck report, both alleging the same thing.  One was filed in August 2015 while the other was filed in April 2016.  Both allege that during the period of 2004 until 2015, Williams mismanaged their finances by exceeding the scope of his authority and recommended unsuitable investments in venture like “Smashburger.”

Next Financial Group has employed Williams since November 2008 up until August 2016.  He was allowed to do business as Tye Williams Financial Services, Inc. in Frisco, Texas.

Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factor.

When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there has to be accountability.  If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.

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 Tye Calvin Willams and Next Financial Group 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.