William Campbell Suspended over Oil & Gas LP Allegations
William Campbell (CRD# 1180015), formerly a broker registered with David Lerner Associates, recommended unsuitable oil and gas limited partnerships, according to a recent sanction. MDF Law is investigating the former White Plains, New York-based financial professional for similar conduct. If you have concerns about your own investments, reach out to our firm for a free, confidential consultation.
Further details about Mr. Campbell’s history as a broker follows below. This post is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on December 3, 2024.
FINRA Alleges Unsuitable Recommendations
On October 22, 2024, FINRA released a Letter of Acceptance, Waiver, and Consent (No. 2019063686209) outlining its disciplinary action against Mr. Campbell. As alleged, he recommended five households invest in unsuitable oil and gas investments. The customers in question included seniors, according to the Letter. The prospectuses for the investments in question described them as involving a high degree of risk. They were also only suitable for investors able to assume the risk of a “speculative, illiquid, and long-term investment.”
This made them unsuitable for Mr. Campbell’s investors, according to the AWC Letter. All five households “were seeking low-risk investments to provide monthly income,” per the Letter. One was an unemployed 28-year-old seeking safe investments for money received in a personal injury settlement. According to FINRA, Mr. Campbell recommend that she make an investment of $100,000 in one of the products.
Mr. Campbell’s recommendations constituted violations of FINRA rules governing suitability and commercial honor, the regulator concluded. As such, it issued him a nine-month suspension from associating with any member firm. It also ordered him to pay a fine of $10,000, plus disgorgement of $28,904.40—the amount he received in commissions.
Investor Disputes Concerned Energy 11 and 12, SOAEX
Between 2011 and 2022, four parties of investors filed disputes involving Mr. Campbell that his member firm settled. These claims included allegations of unsuitable recommendations, breach of contract, misrepresentations, breach of fiduciary duty, and negligence. Two stemmed from energy investments, including Energy 11, Energy 12, and SOAEX. His former member firms settled the disputes for more than $274,000.
Broker: William Campbell Last Based in White Plains, New York
Mr. Campbell started working as a broker in 1992, when he registered with Pruco Securities. He left Pruco in 2000 for Robert W. Baird & Company, departing two years later for Northwestern Mutual Investment Services. He joined his most recent member firm, David Lerner Associates, in 2002, and worked at its White Plains office until 2023. With 22 years of experience as a broker, he is presently suspended from acting as a broker.
Investors Have Rights. MDF Law Defends Them
Do you have concerns regarding oil and gas LPs or other investments recommended by William Campbell? You may have recourse, including the right to file a FINRA arbitration claim to pursue the recovery of losses. Call MDF Law’s seasoned team of investor advocates at 800-767-8040 for a free consultation. We take all cases on a contingency basis, meaning our clients only pay a fee if they win—no hourly fees. Don’t delay, call MDF Law today.