Did you lose money investing with William Hite (CRD# 1675972)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with William Hite. If you suffered losses investing with William Hite, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of June 20, 2020, William Hite’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
Disclosure Events
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 6/20/2020: According to FINRA’s May 2020 Disciplinary Actions: William James Hite (CRD #1675972, Shelton, Connecticut) March 30, 2020 – An AWC was issued in which Hite was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for six months. Without admitting or denying the findings, Hite consented to the sanctions and to the entry of findings that he forged an elderly customer’s signature on documents in connection with an exchange transaction from a variable annuity to a fixed annuity. The findings stated that Hite forged the customer’s handwritten signature in one instance and electronically forged the customer’s signature in other instances. Hite’s forgeries are aggravated by the fact that in order to authenticate the electronic signatures he re-created an email address previously used by the customer and used it to verify the forged electronic signatures. Unbeknownst to Hite, the customer had passed away prior to the forgeries. Although the customer had previously signed these documents, Hite was not authorized to sign for the customer. Hite submitted the transaction related documents to his member firm for processing as originals signed by the customer. The suspension is in effect from April 6, 2020, through October 5, 2020. (FINRA Case #2018058923701)
Current and Previous Registrations
08/20/2015 – 11/09/2018 NYLIFE SECURITIES LLC (CRD#:5167) STRATFORD, CT
10/20/1998 – 08/13/2015 METLIFE SECURITIES INC. (CRD#:14251) SHELTON, CT
10/20/1998 – 07/09/2007 METROPOLITAN LIFE INSURANCE COMPANY (CRD#:4095) SHELTON, CT
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with William Hite and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
