William Charlton Mays Barred for Allegedly Converting Customer Funds

stockbroker fraud attorneyIn August 2011, William Charlton Mays, of Texas, allegedly solicited a SWS Financial customer to invest $50,000, after stating to said customer that his cash would be invested in stocks and commodities, and that, after one year’s time, the customer could have his principal returned to him, or he would gain partnership interest in the investment program, according to a Complaint filed by the FINRA Department of Enforcement.

The Complaint continues to detail how this customer allegedly gave SWS Financial broker William Charlton Mays, who was employed by and registered with FINRA through FINRA member SWS Financial Services, a check for $50,000 in September 2011.

Unbeknownst to this customer, the Complaint reports, Mays actually owned the aforementioned business, which allegedly had scant funds in its bank account. Mays allegedly deposited the check from the customer into the business’s bank account, and then went on to allegedly squander the funds on his own personal expenses, including a $32,000 personal loan to his father, and $1,000 in child support to his ex-wife.

In the end, this customer reportedly was repaid $40,000, but Mays has allegedly still not returned the other $10,000 of the customer’s money, according to the Complaint.

Investor Rights Lawyers Investigating

The Peiffer Rosca Wolf investor rights lawyers often represent investors who lose money as a result of investment misconduct, and are assisting any victims with the recovery of losses they may have suffered. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investor rights lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Broker: William Charlton Mays

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

Alan Rosca (1169 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.