William Swayne II was suspended by the CFP Board after an investigation into TIC sales.
In April, 2017 the Certified Financial Planner Board’s Commission of Discipline and Ethics announced the discipline of Independent Financial Group’s William Swayne II and issued a one year suspension. While under the interim suspension, Swayne is prohibited from using the CFP certification.
Swayne, of Seattle, Washington was previously registered with Pacific West Securities and Intersecurities.
The suspension arises from a CFP investigation into Swayne’s sales practices with tenant in common (TIC) investments and alternative investments. The investigation found that Swayne over concentrated certain customers’ portfolios in unsuitable investments in light of their age, risk tolerance and investment objectives. In addition, in December, 2016 a three member FINRA arbitration panel sitting in Seattle, Washington issued a $1.1 million award against William Swayne and other parties concerning their sales of TICS, specifically Doctors’ Surgical Center and Heron Cove Office Park.
Registration and disciplinary history
In order to lawfully sell investments to the public, a registered rep must either be registered or exempt from registration. William Swayne is presently registered with Independent Financial Group, and has been affiliated with the firm since February, 2012.
According to FINRA’s CRD disclosure report, William Swayne has been the subject of six customer complaints and one regulatory investigation.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.