Articles Tagged with William Baum

shutterstock_92699377-300x285The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor William Baum (Baum), currently employed by Great American Investors, Inc. (Great American) was has been subject to at least eight customer complaints and one regulatory action during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Baum’s customer complaint alleges that Baum recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In July 2017 FINRA brought a regulatory action against Baum that he settled consenting to findings that he sent 58 text messages relating to his securities business – including messages about investment strategies and specific securities – to sixteen customers over the course of a year. FINRA found that Baum prevented his member firm from supervising those communications, violated the firm’s policy about business correspondence, and contradicted his attestation that he would use his firm’s email system for all business correspondence and retain all correspondence with customers for the firm’s review.

In September 2019 a customer complained that Baum violated the securities laws by alleging that Baum engaged in sales practice violations over the period of 2014 through 2017 by failing to recommend appropriate investments, disclose all conflicts of interest and fully inform claimants about the associated risks. The claim alleges $87,000 in damages and the case settled for $20,000.

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