Meyer Wilson is investigating investments made by William Francis Gillis
(CRD# 1198878), a National Securities Corporation broker from Seattle.
According to an April 17 BrokerCheck report by the Financial Industry Regulatory
Authority (FINRA), Gillis has many resolved and pending customer disputes
on his record. Gillis has been in the financial industry for 28 years
but is not currently affiliated with any firm.
His most recent registration was with National Securities Corporation in
Seattle, Washington, where he worked from 2008 to 2015. Just prior to
that, he was registered with Wachovia Securities, also of Seattle, from
2001-2008. From 1988 to 2001, he was with CIBS World Markets in New York,
New York. His initial years in the securities industry were spent at E.F.
Hutton & Company from 1986 to 1988.
All of the following pending investigations stem from the years Gillis
was employed with National Securities.
- A customer accuses him of making poor recommendations and giving poor advice.
The pending complaint was filed earlier this year by a customer seeking
- Another customer alleges Gillis made recommendations of questionable suitability
and committed breach of fiduciary duty and breach of contract in a dispute
filed in October 2016. The client is seeking $500,000 in damages.
- In another pending dispute filed in July 2016, the customer accuses Gillis
of breach of fiduciary duty, negligent misrepresentation/omission, negligence,
and breach of contract. The client is asking for $750,000 in damages.
- In February 2016, a customer filed a complaint alleging negligence and
breach of fiduciary duty and is seeking $170,000.
- Another client accuses Gillis of breach of fiduciary duty, suitability,
negligence, and misrepresentation to the tune of $685,287.97 in damages
sought in a January 2016 complaint.
- That complaint echoed one filed against Gillis in December 2015 with a
client asking for $283,179.46 in damages, also for accusations of breach
of fiduciary duty, suitability, negligence, and misrepresentation.
Uncovering Stockbroker Fraud
One of the more common accusations in the complaints filed against Gillis
is negligence. How do you know if a broker was negligent?
The main issue is whether or not the broker’s conduct fell below
an acceptable standard of care.
Negligence doesn’t have to be an intentional act. A broker who neglects
to monitor your accounts to prevent a financial loss could be considered
Another common thread in the allegations against Gillis is the accusation
of breach of fiduciary duty.
Oftentimes brokers are held to a standard known as fiduciary duty. This
duty can include placing the client’s interests above their own
or ahead of the interests of the brokerage.
Fiduciary duty also can mean the duty to monitor changing markets that
impact the client’s investments, to advise the client on possible
benefits and risks affiliated with investment recommendations, and to
keep the client in the loop of all transactions that affect that client’s
A breach of fiduciary duty means a broker and/or their firm has betrayed
an investor’s trust and confidence and can be held responsible for
any losses because of it.
If you made investments with William Gillis and believe you might be a
victim of stockbroker misconduct,
contact the investment fraud attorneys at Meyer Wilson today for a free