June 17, 2019
FINRA AWC
In September 5, 2017, FINRA accepted a Letter of Acceptance, Waiver and Consent (AWC) submitted by William Glaser (a/k/a Bill Glaser) barring him from associating with any member firms. Now, the U.S. District Court sentenced him to three years in prison for wire fraud.
Glaser was formerly associated with National Planning Corporation in St. Albans, Missouri from December 2007 until July 2017 when the firm terminated his position. According to Glaser’s FINRA BrokerCheck report, National Planning Corporation discharged Glaser after receiving an arbitration claim containing allegations that Glaser solicited a private investment away from the firm.
The courts found that Glaser solicited over $1 million in investments to the owner of a construction company which was recently liquidated by creditors. Glaser had falsely told clients that he invested into the company himself and failed to disclose the large commissions he was receiving out of his clients’ funds. The Courts ordered him to repay $1.5 million to three clients and National Planning Corp., the brokerage firm where he was registered during the time of the misconduct and who had already paid some arbitration to one of the victims.