Former Signator Investors, Inc. investment adviser Cory Williams has accepted a permanent bar from the securities industry relating to allegations that he placed customers in private placement product called Colonial Tidewater.
As detailed in the Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, “During [May 2004 and January 2012] Williams and former registered representative James Glover participated in at least 125 private securities transactions. Approximately $13.5 million of the transactions were by Signator customers. Since Glover’s termination from the Firm, 69 customer complaints have been filed against him for sales of these unregistered products with damages and attorney’s fees totaling more than $12.5 million. Williams’ participation in the transactions included responding to customer requests related to the Colonial investments, authorizing wire transfers of funds from customer accounts at the Firm to Colonial, and manually adding customers’ outside Colonial holdings to consolidated statements that were sent to the customers. Colonial paid Williams approximately three percent of the assets he and Glover sold to customers, half of which Williams remitted to Glover, with proceeds to Williams totaling approximately $94,000. In early 2012, Colonial stopped paying dividends and its shares are currently worthless.”
In addition to the AWC with FINRA, Williams has also entered into a settlement with the SEC relating to the Colonial Tidewater investment scheme.
According to his FINRA BrokerCheck report, Williams was a registered representative with Signator from April 1998 until his termination on March 7, 2013. Williams was based in Signator’s Towson, Maryland, office. He was then registered with NBC Securities, Inc. from April 2013 through September 3, 2013.
Fishman Haygood attorneys recovered almost $1.6 million for California investors from Signator and investment advisor James Glover in a 2014 FINRA arbitration. Glover had placed the California investors in several private placements, including Colonial Tidewater. The FINRA award was detailed in news articles in the Wall Street Journal, Investment News, and the Baltimore Sun. Glover has been permanently barred by FINRA from the securities industry, and Glover also reached a settlement with the SEC relating to the Colonial Tidewater investment scheme. Williams’ and Glover’s supervisor at Signator — Gregory Mitchell — also agreed to a settlement with the SEC relating to allegations that he failed to properly supervise Williams and Glover.
Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.
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