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Rise and fall: once lauded, CA securities broker now disbarred

Just as is the case in other industries, in the securities realm, too, the mighty sometimes fall.

Occasionally they do so because they simply can't repeat prolific performance from the past, despite their best efforts made on behalf of trusting clients. Sometimes market conditions just don't allow for outsized gains in a sustained manner.

And sometimes a securities broker or adviser just can't continue to perpetuate a fraud that has begun to collapse after first bringing in huge amounts of money from a trusting public.

At one time, William Michael Jordan was celebrated as a "five-star" money manager for wealthy California investors, commanding a huge investment portfolio and an accompanying stellar image based on consumer opinion, regulatory scrutiny and evaluations supplied by industry peers.

Moreover, as the monthly publication Financial Advisor notes, he was an author of a get-wealthy book chronicling high-return financial strategies.

His strategy ultimately brought personal ruin and collapsed a Southern California investment firm that reputedly handled securities totaling more than $100 million in assets. Earlier this month, state regulators revoked his securities license and barred him from further participation in the industry.

In announcing its findings, the California Department of Business Oversight (CDBO) pointed to Jordan's alleged wrongdoing across a broad front. Authorities say that he unlawfully sold unregistered securities, hyping them though material misstatements and omissions of fact. They also state that he promised upcoming company audits to his investors that never materialized, and that he overcharged clients by falsely inflating the value of their investments.

The CDBO states that it might yet take additional actions against Jordan and his investment firm should that be necessary to gain restitution for fleeced investors.

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