The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Adam Goodman. According to his publicly available FINRA BrokerCheck report, Adam Goodman has been the subject of multiple customer disputes over the course of his career.

David Wilson is a Florida-based securities broker who has worked in the securities industry for fifteen years. During his career, he has been registered with nine different securities firms.

His Registrations 

  • J.B. Hanauer & Co. (1992-1994/1995-1996)
  • First Miami Securities (1994-1994)
  • Halpert and Company (1994-1995)
  • The G.M.S. Group (1996-1997)
  • Paragon Capital Corporation (1997-1997)
  • Wien Securities Corporation (1997-1997)
  • Herbert J. Sims & Co. (2010-2018)
  • Stoever, Glass & Company (2018-Present)

The Allegations 

  • In December 2016, a customer alleged that Adam Goodman had engaged in unauthorized trading and had made material misrepresentations regarding details of certain investments. The customer was seeking $5000 in damages, but this case was settled instead for $50,000.
  • In August 2017, a customer alleged that Goodman had engaged in unauthorized trading and over concentrated their investment portfolio. This case was settled for $21,000 in damages.
  • In April 2018, a customer alleged that Goodman recommended unsuitable and negligent investments, and also alleged that he had engaged in fraud. This case was settled for $10,000 in damages.
  • In December 2019, a customer alleged that Goodman had recommended two investments (a private placement and a bond anticipation note) that were unsuitable due to their risk. This case was settled for $21,680 in damages.
  • In February 2020, a customer alleged that Goodman had recommended an unsuitable investments. This case is currently pending, and the customer is seeking $14,000 in damages.
  • In September 2020, a customer alleged that Goodman executed unauthorized and unsuitable trades. This case is currently pending, and the customer is seeking $500,000 in damages.
  • In November 2019, David Wilson resigned from his position at Hancock Investment Services during an ongoing investigation into multiple allegations that Wilson had not informed the customers of certain tax implications regarding recommended investments.
  • In February 2020, a customer alleged that Wilson had not informed her of the tax consequences with certain annuity transactions. This case is currently pending, and the customer is seeking $247,924 in damages.
  • In June 2020, a customer alleged that Wilson provided him with false information in order to induce him to purchase a variable annuity. This case was settled for $103,673 in damages.

What Does This Mean?

Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization.  There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first.  This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Adam Goodman, 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.