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Former Raymond James Advisor William Conn Suspended by FINRA for Engaging in Discretionary Trading Without Written Authorization
Did you lose money investing with William Joseph Conn, a former financial advisor with Raymond James and International Assets Advisory in San Francisco, California? If so, you may have the right to pursue a claim for investment losses.
Israels & Neuman PLC is currently reviewing customer complaints and regulatory actions filed against Mr. Conn. According to a recent settlement with the Financial Industry Regulatory Authority (FINRA), he was suspended from the securities industry for three months and fined $15,000 for misconduct involving unauthorized discretionary trading without written authorization.
FINRA’s Allegations Against William Conn
FINRA’s findings reveal that Mr. Conn exercised discretion in customer accounts without obtaining prior written authorization during his time with Raymond James in 2020 and 2021. Although Conn claimed his clients were aware he was making trades on their behalf, FINRA determined that proper written consent had not been obtained—an important regulatory requirement meant to protect investors.
In addition to the regulatory sanctions, Mr. Conn has been named in three customer complaints, some of which allege that he made unsuitable options trades in client accounts. These claims further point to potential violations of industry rules meant to ensure that investment strategies align with a client’s financial goals, risk tolerance, and investment profile.
Raymond James terminated Conn’s employment in July 2022. Afterward, he briefly joined International Assets Advisory from September 2022 through October 2023, and worked out of an office in San Francisco, California.
What Are Unsuitable Investments?
One of our firm’s primary practice areas involves representing clients who have suffered losses due to unsuitable investments. But what does that mean?
Unsuitable investments are trades or strategies recommended by a broker or advisor that do not match an investor’s unique financial situation, investment objectives, or risk tolerance. Financial professionals have a duty under FINRA Rule 2111—often called the suitability rule—to recommend only those investments that are appropriate for the specific client.
Unsuitable investments may involve:
- High-risk options or leveraged ETFs in accounts of conservative investors
- Overconcentration in a single sector, stock, or type of security
- Complex structured products or alternative investments not aligned with a client’s knowledge or goals
- Recommendations that generate high commissions but offer little client benefit
In the case of William Conn, several clients have alleged that he placed them in unsuitable options trades, which are often highly speculative and not suitable for every investor—particularly those with low-to-moderate risk tolerance or who rely on their investments for retirement income.
Our Firm Represents Investors Nationwide
Israels & Neuman, PLC is a national securities arbitration and investment fraud law firm with offices in Seattle, Phoenix, Denver, Chicago, Grand Rapids and Ann Arbor. We represent clients in California and across the United States in FINRA arbitration claims against brokerage firms, investment advisors, and individual brokers.
If you or someone you know suffered investment losses while working with William Joseph Conn, Raymond James, or International Assets Advisory, you may be entitled to recover those losses through a FINRA arbitration claim.
Contact Us for a Free Case Evaluation
To learn more about the FINRA enforcement action against William Joseph Conn, you can view the official FINRA AWC HERE and his BrokerCheck Report [HERE].