Texas Stockbroker Purportedly Earned High Commissions From Illiquid Alternative Investments
If you are an investor who was sold alternative investments by First Allied Securities broker William Fox, you may have grounds for an investor claim. Fox, an Austin, TX-based registered representative, has been accused by at least one customer, who already filed a Financial Industry Reguinveslatory Authority (FINRA) claim, of not performing the proper due diligence before recommending that the claimant invest over $2M in retirement funds in illiquid, poor quality alternative investments.
This included nontraded real estate investment trusts (nontraded REITs), annuities, private placements, equipment leasing, and oil and gas investments. The sale of these investments to the claimant resulted in Fox earning $140K in commissions and an investment advisory fee.