The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Allen Wilson. According to his publicly available FINRA BrokerCheck report, Allen Wilson has been the subject of multiple complaints over the course of his career.

Allen Wilson is a New Jersey-based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with five different securities firms.

His Registrations

  • Chatfield Dean & Co. (1993-1994)
  • J.B. Hanauer & Co. (1994-2005)
  • Ryan Beck & Co. (2005-2007)
  • Stifel, Nicolaus & Company (2007-2012)
  • Wells Fargo Clearing Services (2012-Present)

The Allegations 

  • In June 2018, customers alleged that Allen Wilson made unsuitable investment recommendations and exercised discretion in their account without approval. This case was settled for $72,000 in damages.
  • In August 2018, a customer alleged that Allen Wilson recommended securities that were not appropriate for her portfolio. This case was settled for $35,000 in damages.
  • In October 2018, a customer alleged that Allen Wilson over-concentrated her portfolio in unsuitable products. This case was settled for $160,000 in damages.

What Does This Mean?

Securities brokers have an obligation to always act in their customers’ best financial interests. One of the most important  aspect of this is making sure that their customers’ portfolios are properly diversified. If an investor’s portfolio is over-concentrated in a singular security, then their financial success is entirely predicated upon the success of said security. Securities brokers also need to make sure that they diversify their customers portfolios among different securities with varying degrees of risk. If every security the customer is invested in is high-risk, then any stability the investor may have been counting on is then thrown out the window.

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 in this fashion 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 Allen Wilson, 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.