Corporate & Securities Law

Eccleston Law has launched an investigation into William Colston (?Colston?) in connection with the sales of certain equity-indexed annuities that were outside of the approved business activities of his firm, Founders Financial Securities, LLC (?Founders?).  At all relevant times Colston and Founders were registered with FINRA.

From September 2006 through December 2007, Colston engaged in outside business activities while employed at Founders.  Specifically, Colston sold equity-indexed annuities (?EIAs?) to at least 22 investors on behalf of two insurance companies with whom Founders was not affiliated.  Founders knew about the sales, and specifically instructed him that he was prohibited from selling EIAs to his clients.  Despite his acknowledgement that he would discontinue sales, Colston continued selling away from his firm, for which made approximately $111,000 in commissions.

Those with information about William Colston or Founders Financial Securities should contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000.