William Glaser – National Planning Corp. – St. Albans, MO
Have you suffered losses investing with William Glaser of Ellisville, MO? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Arbitration claim against his employer.
According to reports, former financial advisor William Glaser, of Ellisville, Missouri was charged Monday with three counts of wire fraud in connection with his alleged solicitation of more than $1 million in investments from three former clients.
Glaser was allegedly involved in an investment scheme between 2015 and 2016 with Paul Creager of Everett Builders in St. Louis. While employed with National Planning Corp., Glaser allegedly misled his clients by falsely representing he had put his own money into Creager’s company, according to the indictment.
Glaser was purportedly taking large commissions out of his client’s funds, the indictment alleges. According to reports, Creager’s construction company was liquidated by creditors last summer.
The indictment also alleges that Glaser helped set up self-directed IRAs for his clients so he could liquidate their investments and the money could then go to Creager.
Update on March 18, 2019
William Glaser reported pleaded guilty in February to federal charges of wire fraud in connection with his solicitation of more than $1 million in investments from three former clients.
Glaser faces up to 10 years in prison and a fine of more than $250,000 per count. Restitution also is mandatory to the victims. The government also is seeking a money judgment by way of a forfeiture allegation to further facilitate the recovery of any funds available for restitution.
According to his FINRA BrokerCheck report, Glaser was registered with National Planning Corp. in St. Albans, MO from December 2007 until July 2017, when he was discharged for “allegations that the representative solicited a private investment away from the firm. Representative admitted to personally making a similar private investment that was not previously disclosed to or approved by the firm.”
In December we told you that FINRA reportedly barred Glaser for failure to provide testimony into an investigation of his termination from his member firm for “selling away”.
The White Law Group is investigating what liability that Glaser’s former employer may have for his actions.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”
Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you have invested with William Glaser and are concerned about your investments the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.