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

David Wilson is an Alabama-based securities broker who has worked in the securities industry for thirteen. During his career, he has been registered with three different securities firms.

His Registrations 

  • Morgan Keenan & Company (2004-2005)
  • Hancock Investment Services (2007-2008/2012-2019)
  • Merrill Lynch, Pierce, Fenner & Smith (2009-2012/2019-Present)

The Allegations 

  • 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?

Misrepresentation is a very serious charge, as it can often result in very serious financial harm to an investor. Essentially, misrepresentation occurs when a securities broker provides an investor with information that has been falsified or obscured in some manner. This can be either on purpose, in an attempt to defraud the investor, or by accident through the broker’s negligence.  Regardless of the broker’s intent, misrepresentation can cause significant losses in an investor’s account as it can lead to them making crucial financial decisions based on misinformation.

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 David 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.