My Investigation into Claims Against Broker William Savary

As a financial analyst eager to keep the investing community informed, I’ve taken a close look at the concerns surrounding securities broker William Savary (check out his FINRA BrokerCheck record: 1069141). Savary’s track record, including his current position at Abraham Securities Corporation and his stint at Spencer-Winston Securities Corporation, is marked by some serious allegations and punitive actions by FINRA.

FINRA’s Sanctions Against Savary for Discreet Deals

Let’s not gloss over the events of November 2, 2023, when FINRA didn’t just slap Savary’s wrist but handed down an official Letter of Acceptance, Waiver, and Consent. According to the report, Savary made unauthorized security purchases totaling an eye-popping $1,746,309 in another person’s account, all behind his employer’s back.

What happened was an investor trusted Savary enough to let him run their brokerage account. Allegedly, using the client’s private login, Savary undertook transactions online and was paid a handsome sum of $234,532 for his secretive efforts. This activity didn’t escape FINRA’s notice, resulting in Savary’s suspension for a full year—December 2023 to December 2024—and a penalty of $5,000, which he has paid.

A Legal Battle with a Global Trading Group Inc. Client

The issues don’t end there. A Global Trading Group Inc. client accused Savary of breach of contract, negligence, and not upholding fiduciary duties. In July 2010, the situation escalated to a FINRA Arbitration that ruled against Savary and Global Trading Group, ordering them to pay $226,419.59 to the client for damages related to stocks and options. That certainly stings.

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Mismanagement Claims by a Monarch Financial Corporation Investor

If you’re still unsure about the gravity of these claims, an investor with Monarch Financial Corporation of America has also stepped forward. The investor accused Savary of breaching fiduciary duty and engaging in ‘churning’—the unethical practice of excessive trading for commission gains. As if echoing previous incidents, on March 20, 2000, a FINRA Arbitration Panel ordered Savary and Monarch Financial Corporation to fork over $119,250 in damages to the investor.

Wrapping up, you, the investor, might be pondering whether your losses could be tied to William Savary’s conduct. If you’re nodding in agreement, then it’s high time for a chat with a seasoned securities attorney to explore your potential recovery avenues. It’s a reminder that famous investor Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.” This rings especially true for financial advisors because, as a fact, a surprising number of people suffer losses due to reckless advice from financial advisors they trusted.

In a dynamic and fast-paced industry, staying alert and informed about your financial welfare is crucial. I’m here to help you do just that—taking the complexity out of these serious financial matters, and guiding you towards making more secure investment decisions.

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