Articles Tagged with scott silver Titan Securities Inc.

Broker Walter Parker (CRD #2131232) is a former registered broker and investment advisor last employed with Titan Securities, Inc. (CRD #131392) of Rowlett, TX. His previous employers include ING Financial Partners, Inc. (CRD #2882) of Wylie, TX, Locust Street Securities, Inc. (CRD #1703) of Des Moines, IA, and BMA Financial Services, Inc. (CRD #7943) of Kansas City, MO. No current employment information is available. Parker has been in the industry since 1991.

FINRA recently suspended Parker for one month, and fined him $7,500 related to his activities with a client’s accounts. Parker made a number of recommendations to a client that she immediately begin investing in “alternative investments.” This client had very little prior investing experience, particularly with alternative investments. She was 64 at the time the account was opened. He recommended that she invest $290,000 into four of these illiquid alternative investments from her retirement accounts, all REITs.

These investments concentrated a large percentage of her net worth into these illiquid alternative investments, and were totally unsuitable for the client’s investment objectives. Unfortunately, the client suffered significant losses from all four of these REITs, requiring her to seek and obtain fulltime employment in 2016.