Investment Advisor, Brooklynn Chandler Willy, currently registered at Queen B. Advisors, LLC. is currently facing a one-year suspension of her investment advisor license in connection with the sale of unsuitable and unregistered alternative investments.
According to a news source, between 2013 and 2019, Willy’s practice sold approximately $43.5 million worth of unsuitable and unregistered alternative investments to clients. As a result of these transactions, Willy was sanctioned by the Texas State Securities Board
On October 16, 2020, the Texas State Securities Board issued a disciplinary order stating “Respondent Willy’s registration with the Securities Commissioner is suspended for one (1) year and Respondents are ordered to comply with the terms of an undertaking wherein Respondents undertake and agree to pay back $2,750,500 to all clients to whom Respondent Willy sold the alternative investments, and to certain limitations on their registrations.”
Moreover, an SEC IADP report states that in October 2019, Willy was discharged from her previous investment advisor position at , J. W. Cole Advisors, Inc., for violating the firm’s policies regarding participation in unapproved private securities transactions. Additionally, the report discloses a tax lien against Willy from July 2018, of approximately $50,000.
Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts. The SEC discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.