The law firm of Oakes & Fosher is currently investigating the possible misconduct of former securities broker Barry Wold. According to his publicly available FINRA BrokerCheck report, Barry Wold has been the subject of multiple customer disputes.
Barry Wold was a Minnesota based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Piper Jaffray Inc. (1990-1998)
- Robert W. Baird & Co. (1998-2009)
- Raymond James (2009-2018)
The Allegations
- Barry Wold was terminated from his position at Raymond James in January 2018. This followed allegations that he failed to follow his firm’s instructions concerning moving certain high commission accounts to a fee based alternative.
- In April 2018, a customer alleged that Barry Wold churned their account, charged them excessive, unfair, and unreasonable commissions, and engaged in unreasonable trading practices. This case was settled for $27,000 in damages.
- In August 2018, a customer alleged that she was charged excessive commissions. This case was settled for $12,252 in damages.
What Does This Mean?
Securities brokers have an obligation to always act in the best interests of their customers. When securities brokers charge their customers excessively high commissions, it is a clear example of a broker acting only in their own self interests. Excessively high commissions are so detrimental to investors due to the amount that it lowers their principal investment. When a customer’s principal investment is lowered significantly, it becomes almost impossible for them to see a profit under anything other than booming market conditions.
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 could actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors on a nationwide basis. If you, or anyone you know, have lost money investing with Barry Wold, 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.
