The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Barrett Schultz. According to his publicly available FINRA BrokerCheck report, Barrett Schultz has been the subject of multiple customer disputes over the course of his career.
Barrett Schultz is a Texas-based securities broker. He has worked in the securities industry for twenty-two years. During his career, he has been registered with three different securities firms.
His Registrations
- USAA Investment Management Company (1996-2004)
- ILG Securities Corporation (2005-2018)
- McNally Financial Services Corporation (2012-Present)
The Allegations
- In December 2017, a customer alleged that Barrett Schultz managed their account negligently, breached contract, committed fraud, made fraudulent misrepresentations, made negligent misrepresentations, and breached his fiduciary duty. This case was settled for $520,000 in damages.
- In July 2018, customers alleged that Barrett Schultz failed to disclose the extent of associated risks, executed unauthorized trades, recommended unsuitable investments, breached his fiduciary duty, churned their account, breached contract, and engaged in financial elder abuse. This case was settled for $300,000 in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their best financial interests. This means that brokers are not allowed to place their own financial interests ahead of the customers. This unfortunately does happen though as there are many types of investments that prove to be more beneficial to the recommending brokers then to the actual investor. Some less than scrupulous securities brokers will fail to disclose just exactly how risky a particular investment is if its an investment that provides the broker with a large commission. The less than scrupulous securities brokers searching for these large commissions often do not want to deter investors from investing in these risky products and thus fail to disclose how risky they are.
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 Barrett Schultz, 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.
