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Notice to William Seibert Customers: Unsuitable Oil and Gas Investment Complaints Filed

February 8, 2023

William Seibert Customer Receives $897k Settlement

National investment fraud lawyers KlaymanToskes is investigating William C. Seibert (CRD# 2710335) after the broker and investment advisor, registered with Raymond James & Associates, Inc. in Houma, LA, received five investor complaints alleging unsuitable oil and gas investment recommendations including a complaint settled in favor of the investor for $897,500.

Investors that suffered losses with William C. Seibert may be entitled to a financial recovery. Contact attorney Lawrence L. Klayman immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your legal options at no cost.

Investor Complaints Alleging Unsuitable Investment Recommendations

According to William C. Seibert’s FINRA Brokercheck, the broker has at least five investor complaints filed against him. Seibert has been registered with Raymond James & Associates, Inc. since 2013 in Houma, LA.

  1. Investors allege Seibert recommended they invest heavily in unsuitable and purportedly high-risk oil and gas investments.
  • Pending – alleged damages greater than $5,000 (Filed January 13th, 2023)
  1. Investor alleged Seibert recommended unsuitable investments, primarily in oil and gas securities; several investors alleged Seibert engaged in reverse churning; and one claimant alleged that he failed to disclose margin use in the claimant’s account. Alleged Activity dates: 5/17/01 – present.
  • Settled in favor of the investor for $897,500 (Filed January 4th, 2021)
  1. Investor alleged misrepresentation of features of variable annuity purchased in July 2007. (Filed October 31st, 2008)
  2. Investor alleged Seibert placed his money in an investment that was unsuitable. The customer wanted a short-term, principal-safe product, but was instead placed into front-end load bond funds. (Filed September 19th, 2008)
  3. Investor alleges unauthorized purchase of a bond mutual fund.

(Filed November 1st, 2007)

Unsuitable Investment Recommendations: What Can Investors Do?

Under FINRA (Financial Industry Regulatory Authority) suitability requirements (FINRA Rule 2111) brokers and brokerage firms have a duty to recommend suitable financial products and trading strategies based on their client’s financial interests.

Brokers and investment advisers must consider certain information about each investor in order to meet the “reasonable diligence” requirement of FINRA’s suitability rule. Factors such as investors’ liquidity needs, age, employment status, tax status, investment objectives and experience, risk tolerance, and what other investments they may be holding may help determine the suitability of a particular investment or investment strategy for a particular investor.

KlaymanToskes can help you determine if your investment loss is due to unsuitable investment advice. Depending on your circumstances, you may be entitled to recover losses through FINRA arbitration. KlaymanToskes works on a contingency basis, meaning we do not collect a fee unless we are able to obtain a financial recovery for you.

Contact attorney Lawrence L. Klayman today for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com