Last Updated: February 2025 (Tucson, AZ)
National securities fraud lawyers at Patil Law P.C. are investigating current LPL Financial LLC broker William Carl Westcott (CRD #1007101) regarding allegations of unsuitable investment recommendations. The investigation stems from a recently settled customer complaint involving significant losses in equity and ETF investments between September 2019 and February 2023.
Critical Insights About Tucson Financial Advisor William Westcott:
- Advisor Name: William C. Westcott
- CRD: 1007101
- Location: Tucson, AZ
- Current Employer: LPL Financial LLC
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 2030 E. Speedway, #202, Tucson, AZ 85719
- Can William Westcott be sued in FINRA arbitration: Yes
- Customer Disputes: One settled complaint
- Current Registrations: Licensed in 19 states
- Years of Experience: Since 1982
- Previous Employers: Legend Equities Corporation, Legend Capital Corporation
- Professional Qualifications: Series 6, 7, 24, 26, 31, 62, 63, 65 licenses
Details Of Recent Settlement
A customer complaint filed in November 2023 alleged:
- Unsuitable investment recommendations
- Transactions involving equity and ETF investments
- Activity occurring between September 2019 and February 2023
- Settlement amount of $190,000
- Violations of fiduciary duties and industry regulations
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Investment suitability
- Risk management practices
- Portfolio allocation decisions
- Client risk tolerance assessment
- Investment strategy implementation
- Compliance with fiduciary duties
- Protection of client interests
Regulatory Framework And Investor Protection
SEC Regulation Best Interest (Reg BI) requires:
- Suitable investment recommendations
- Client-first approach
- Proper risk assessment
- Clear disclosure of risks
- Regular portfolio review
- Documentation of recommendations
FINRA Rules And Their Significance
FINRA Rule 2111 mandates:
- Reasonable-basis suitability
- Customer-specific suitability
- Quantitative suitability
- Due diligence in recommendations
- Proper risk disclosure
Professional Background
Mr. Westcott’s career includes:
- Entry into securities industry in 1982
- Multiple firm transitions
- Current position at LPL Financial since 2019
- Extensive licensing history
- Previous regulatory incidents
Red Flags For Investors
- Recent substantial settlement
- Unsuitable investment allegations
- Extended period of questioned activity
- ETF and equity trading concerns
- Risk management issues
- Portfolio allocation questions
- Complex product recommendations
- Supervision concerns
Implications For Current And Former Clients
Current and former clients should:
- Review their investment portfolios
- Examine account statements
- Verify investment suitability
- Document communications
- Assess risk tolerance alignment
- Consider independent review
- Monitor account performance
- Evaluate investment strategies
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about unsuitable investments or questionable recommendations in your account handled by Mr. Westcott, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
