Oakes & Fosher is currently investigation the possible misconduct and/or negligence of securities broker William Franklin Richardson. According to his publicly available FINRA BrokerCheck report, William Franklin Richardson was the subject of multiple customer complaints over the course of his career.
William Franklin Richardson currently operates as a Texas based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with sixteen different securities firms.
His Registrations
- Dean Witter Reynolds (1980-1983)
- Oppenheimer & Co. (1983-1984)
- Robert W. Baird & Co. Incorporated (1984)
- Capitol Municipal Securities (1986-1987)
- Westcap Securities (1987-1988)
- Hartford Equity Sales Company (1990-1991)
- Cigna Securities (1993)
- Franklin/Templeton Distributors (1995)
- ADP Broker-Dealer (1996)
- Putnam Mutual Funds Corp. (1997-1998)
- American Skandia Marketing (1998-2004)
- IMS Securities (2005-2006)
- Jackson National Life Distributors (2006)
- Next Financial Group (2006-2011)
- Geneos Wealth Management (2011)
- Investacorp, Inc. (2012-Present)
Allegations
- In April 2008, a customer alleged that a variable annuity they purchased on William Franklin Richardson’s recommendation was unsuitable and misrepresented.
- In March 2009, a customer alleged that William Franklin Richardson was negligent in calculating RMD. This case was settled for $34,920 in damages.
- In May 2009, a customer alleged that an investment William Franklin Richardson recommended to her was unsuitable given her age.
- In November 2018, a customer alleged that William Franklin Richardson recommended highly unsuitable securities. This case was settled for $100,000 in damages.
What Does This Mean?
Securities brokers are a brand of financial advisor known as fiduciaries. As fiduciaries, these individuals have a legal obligation to always act in their customers’ best financial interests. This obligation is also known as their fiduciary duty. Part of a securities broker’s fiduciary duty means conducting due diligence to determine what securities are suitable for what investors. This is determined by factors such as the investor’s age, investment objectives, financial situation, and liquidity needs. Customers who have been invested contrary to their stated financial factors can experience losses.
Oakes & Fosher Can Help
Many investors are still unaware of the legal recourse available to them after losing money due to investor negligence or fraud. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors that have lost money in this fashion all across the nation. If you, or someone you know, have lost money investing with William Franklin Richardson, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
