Bill Campbell: FINRA Suspends Ex-David Lerner Advisor

Former White Plains, New York financial advisor Bill Campbell (CRD# 1180015) was recently suspended in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with David Lerner Associates.

A Letter of Acceptance, Waiver, and Consent (No. 2019063686209) describes FINRA’s disciplinary action against Mr. Campbell. Filed in October 2022, it alleges that he “unsuitably recommended that five customer households invest in illiquid limited partnerships formed to acquire and develop oil and gas properties.”

The investments’ prospectuses informed investors that they involved a “high degree of risks” and were only suitable for investors willing to take the risk of a “speculative, illiquid, and long-term investment.” The households to whom he recommended the limited partnerships “were seeking low-risk investments to provide monthly income,” according to FINRA, which found that the LPs were not suitable for their profiles. Three of the customers were seniors, the Letter adds, including one 73-year-old retiree. Another was an unemployed 28-year-old who “had no financial or investing experience and was looking for safe investments for the money that she received from an injury settlement.” In connection with his recommendations, Mr. Campbell allegedly received $28,904.40 in commissions.

In light of these facts, FINRA found that he violated FINRA Rule 2111, which requires brokers to recommend suitable investments, as well as FINRA Rule 2010, which requires brokers to observe high standards of commercial honor. The regulator suspended him for nine months, issued a fine of $10,000, and ordered him to pay disgorgement of $28,904.40 plus interest.

According to the Financial Industry Regulatory Authority, Bill Campbell holds 22 years of securities industry experience. Most recently based in White Plains, New York, he was registered with David Lerner Associates from 2002 until 2023. His registration history includes Northwestern Mutual Investment Services, Robert W. Baird & Company, and Pruco Securities. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. (Information current as of October 22, 2024.)

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