Public records provided by the Financial Industry Regulatory Authority (FINRA) on March 3, 2016 indicate that former New York-based Dratel Group broker William Dratel has been permanently barred from acting as a broker or otherwise associating with any firm that sells securities to the public. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Dratel (CRD# 843025).
William Dratel has spent 36 years in the securities industry and was most recently registered with the Dratel Group in Southold, New York (1980-2014). Previous registrations include Northeast Securities (1979-1981); Bache Halsey Stuart Shields (1977-1979); and Bache Halsey Stuart (1977). He is currently not registered with any state or firm.
According to his BrokerCheck report, William Dratel is the subject of two customer complaints, one pending customer complaint, five final regulatory sanctions, and one pending civil action.
In June 2015 the State of California barred William Dratel from acting in a management, control, or employment capacity following allegations involving a prior FINRA bar.
In 2013 Ernst Hoffman sued William Dratel following allegations he breached his contract and breached his covenant of good faith and fair dealing. The action remains pending.
In 2011 FINRA sanctioned William Dratel following allegations, among others, he willfully failed to disclose material facts and paid certain customers a total of $156,575 “to compensate them for losses they had sustained in their accounts,” and that these payments “were not made in settlement of complaints or to correct errors.” He was issued a fines and penalties exceeding $40,000 and was suspended from the securities industry for 25 days.
In 2010 FINRA sanctioned William Dratel following allegations he and the Dratel Group “orchestrated an unfair trade allocation scheme, commonly known as cherry-picking, in which he would select profitable day trades and overnight trades for his own account while steering unprofitable trades to to his discretionary clients’ accounts.” The sanction is on appeal.
In 2003 a customer alleged William Dratel, while employed at the Dratel Group, made unsuitable investment recommendations, executed unauthorized transactions, and engaged in negligent supervision. The complaint settled in 2005 for $90,000.
In 2003 the National Association of Securities Dealers sanctioned William Dratel following allegations the Dratel Group improperly marked customer trade tickets and failed to record the time on order tickets. He was issued a fine of $3,000.
In 2002 a customer alleged William Dratel, while employed at the Dratel Group, engaged in churning and recommended unsuitable transactions. The complaint settled for $143,000.
If you have complaints regarding or have lost money investing with Travis Hughes, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means we only get paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.