Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. Investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is currently interested in hearing from investors who believe this may be them.
Oakes & Fosher is currently investigating former securities broker Daniel Joe Wilson for possible misconduct. According to his publicly available FINRA BrokerCheck report, Daniel Joe Wilson was the subject of a customer dispute received in 2013.
Daniel Joe Wilson was an Iowa based securities broker. He worked in the securities industry for thirty-five years. During his career, he was registered with just two different securities firms.
His Registrations
- Robert W. Baird & Co. (1988-1991, 1997-2002)
- Northwestern Mutual Investment Services (1982-2018)
The Allegations
In October 2013, a customer alleged intentional interference, negligent misappropriation, and fund conversion. This case was settled for $411,000 in damages. Essentially, Daniel Joe Wilson helped a customer’s husband liquidate mutual fund positions in the customer’s accounts without actually getting authorization from the customer. He was later sanctioned by FINRA where he was fined $7,500 and suspended from acting as a securities broker in any fashion for a period of thirty business days.
What Does This Mean?
It is crucial that securities brokers receive authorization from their customers before executing transactions. This includes buying securities and making withdrawals. When a securities brokers works off assumptions, instead of getting authorization, it can create situations where their customers lose money.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Daniel Joe Wilson, please contact Oakes & Fosher for a free and private consultation.
