FINRA Bars Former LPL and Raymond James Adviser

A former LPL Financial representative, William F. Winchester III, was barred by the Financial Industry Regulatory Authority for borrowing more than $850,000 from his customers without notifying the member firm with which he was associated or obtaining the firm’s prior written approval, among other violations.

According to FINRA, between March 2009 and September 2016, while associated with LPL and, later, with Raymond James Financial Services Inc., Winchester borrowed more than $850,000 from three of his customers.

In July 2009, June 2010, April 2011, and February 2012, Winchester also completed an LPL financial branch manager and financial advisor questionnaire in which he was asked whether the representative had borrowed money from any customer.

Winchester falsely responded “no” to this question on each of these questionnaires.

From October 2009 through August 2016, while associated with LPL and, later, with Raymond James Financial, Winchester also served as co-executor to the estate of his former customer and received compensation for his services. As a result, Winchester violated FINRA rules by being engaged in an outside business activity without providing prior written notice to either firm.

Between September 2016 and November 2017, Winchester also settled two customer complaints without notifying Raymond James Financial.

As a result of these violations of FINRA rules, Winchester was barred from association with any member firm in any capacity.

According to BrokerCheck, the financial representative began his career with Amsouth Investment Services, which is where he remained for less than a year before moving to First Tennessee Brokerage Inc. After less than a year, he joined Suntrust Investment Services Inc. in 2003 and remained for four years before joining LPL. After leaving LPL four years later, Winchester was hired by Raymond James Financial in 2012. In 2020, his most recent position was with Cadaret, Grant & Co. Inc. which is where he was for less than a year before being barred by FINRA.

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