FINRA Arbitration Award: Boca Raton Financial Advisor William Friedman Ordered to Pay $250,000

In an arbitration award published by FINRA on July 30, 2021, Boca Raton, Florida financial advisor William Friedman was ordered to pay $250,000 in damages to a Claimant.

Notably, Mr. Friedman was suspended by FINRA on July 2, 2021, over his failure to respond to a FINRA request for information. He is currently facing a potential bar from the securities industry on October 5, 2021, if he fails to request the termination of his suspension.

If you have lost money with Boca Raton, Florida financial advisor William Friedman, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Dispute Resolution Services Award, Case Number: 21-00298

The Statement of Claim in the case resulting in the arbitration award was filed on or about February 3, 2021, and named Pinnacle Investments, LLC (“Pinnacle”) and Mr. Friedman as Respondents.

In the Statement of Claim, Claimant asserted several causes of action against Pinnacle and Mr. Friedman including, elder abuse; unjust enrichment; investments in unsuitable securities; excessive trading; unauthorized trading; misrepresentation and material omissions of fact; breach of fiduciary duty; breach of contract; securities and common law fraud; negligence; and violations of other federal and state securities laws and financial industry rules and regulations.

Claimant also asserted the causes of action against Pinnacle of respondeat superior and vicarious liability, as well as negligence in its hiring, supervision and retention of Mr. Friedman, and its supervision of Claimant’s account.

Claimant requested compensatory damages against Pinnacle in an amount no less than $190,000 and compensatory damages against Mr. Friedman in an amount no less than $250,000. On April 12, 2021, Claimant filed a notice of settlement and voluntary dismissal with prejudice for claims against Pinnacle.

The award stated that Mr. Friedman did not file a properly executed Submission Agreement and did not file a Statement of Answer. On June 14, 2021, Claimant requested default proceedings against Mr. Friedman, and the case proceeded with a panel comprised of one arbitrator.

The arbitrator found Mr. Friedman liable to Claimant and ordered him to pay $250,000 in compensatory damages.

William Friedman (CRD#: 2475502)

Mr. Friedman has 25 years of experience in the securities industry and was most recently registered as a broker with the following firms in Boca Raton, FL:

  • Pinnacle Investments, LLC from January 27, 2020, to October 2, 2020.
  • Woodstock Financial Group, Inc. from October 27, 2017, to December 9, 2019.
  • Newbridge Securities Corporation from June 29, 2007, through November 1, 2017.

Mr. Friedman’s public FINRA CRD shows four customer complaints, including one FINRA arbitration complaint that is still pending. The allegations include unsuitable recommendations, misrepresentations, negligence, breach of fiduciary duty, unauthorized trading, and failure to supervise. The claim was filed before FINRA on March 26, 2021. The other three customer complaints were settled.

The CRD also shows two tax-related judgments/liens.

How to Recover Losses or Obtain a Free Consultation

If you have lost money with Boca Raton, Florida financial advisor William Friedman, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

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