National Planning Corp. Terminates William A. Glaser for Alleged Private Securities Sales
According to The Financial Industry Regulatory Authority, on September 5, 2017, William A. Glaser (CRD #1274847, St. Albans, Missouri) was issued an AWC in which Glaser was barred from association with any FINRA member in all capacities.
Glaser reportedly refused to respond to FINRA requests for information and documents in connection with an investigation into the circumstances surrounding the termination of Glaser’s registration by his member firm.
FINRA’s findings stated that the firm terminated Glaser’s registration, reporting that it had received an arbitration claim alleging that he had solicited a private investment away from the firm.
“Selling away” in the U.S. securities brokerage industry is the inappropriate practice of an investment professional who sells, or solicits the sale of, securities not held or offered by the brokerage firm with which he is associated (affiliated). As a general rule, such activities are a violation of securities regulations.
According to an article in the St. Louis Post-Dispatch, “An infirm Navy veteran from St. Louis County has lost more than $400,000 after his longtime investment adviser persuaded him to lend his lifetime savings to a homebuilder now involved in a criminal investigation by federal authorities. Frank B. Steinberger’s complaint to the Financial Industry Regulatory Authority, a nonprofit that regulates investment brokers and dealers, says William A. Glaser, of St. Albans, had Steinberger sell annuities he owned and incur $45,000 in surrender charges to invest in two promissory notes with Everett Builders LLC, a company run by Paul Everett Creager.”
According to his FINRA BrokerCheck report, Glaser was registered with National Planning Corp. in St. Albans Rd, MO from December 2007 until July 2017, when he was discharged.
For FINRA’s full finding see FINRA Case #2017054809301.
Investigating Potential Claims
The White Law Group is investigating the liability that Glaser’s employers may have for losses sustained by his clients. Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules. If it is determined that the broker dealer failed to supervise their agent, they can be held responsible for losses in a FINRA arbitration claim.
Are you concerned about investment losses with William A. Glaser? The attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. 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 Franklin, Tennessee.
For more information on The White Law Group, please visit www.whitesecuritieslaw.com.