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Broker William Morgan, Jr. Allegedly “Misrepresented and Recommended Unsuitable Purchases”

William Morgan, Jr.Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on December 1, 2016 indicate that North Carolina-based H. Beck broker/adviser William Morgan, Jr. has been the subject of a customer dispute. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Morgan (CRD# 1532049).

William Morgan has spent thirty years in the securities industry and has been registered with H. Beck in Statesville, North Carolina since 2003. Previous registrations include IFG Network Securities in Atlanta, Georgia; H. Beck in Bethesda, Maryland; and Aetna Life Insurance and Annuity Company. He is a registered broker and investment adviser with sixteen US states and territories: Alabama, Arizona, California, Connecticut, the District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, New Jersey, New York, North Carolina, South Carolina, Tennessee, and Virginia.

According to his BrokerCheck report, William Morgan has received one customer complaint.

In 2004 a customer alleged William Morgan, while employed at H. Beck, misrepresented and recommended unsuitable purchases, including variable annuities. The complaint settled for $95,000.

Variable annuities are similar to mutual funds, though they have three primary additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with brokers who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you have lost money investing with William Morgan, 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. All cases are taken on contingency: Fitapelli Kurta only receives payment if and when you recover money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.