The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Drew Wiener. According to his publicly available FINRA BrokerCheck report, Drew Wiener has been the subject of multiple customer disputes.
Drew Wiener is a New York based securities broker. He has worked in the securities industry for thirteen years. During his career, he has been registered with four different securities firms.
His Registrations
- Gunnallen Financial (2005)
- JHS Capital Advisors (2005-2010)
- Rockwell Global Capital (2010-2015)
- SW Financial (2015-Present)
The Allegations
- In March 2009, a customer alleged that Drew Wiener made material misrepresentations, engaged in fraud, churned their account, handled their account negligently, breached his fiduciary duty, and breached contract. This case was settled for $75,000 in damages.
- In October 2017, a customer alleged that Drew Wiener churned their account, misused margin, recommended unsuitable investments, over-concentrated their account, made material misrepresentations and omissions of material facts, breached his fiduciary duty, breached contract, handled their account negligently, and engaged in fraud. This case is currently pending. The customer is seeking $115,000 in damages.
What Does This Mean?
One of the most noteworthy allegations levied against Drew Wiener was that he churned his customers’ accounts. Churning is a fraudulent trading practice where securities brokers excessively trade a customer’s account with the intent to increase their own commissions. This is because brokers are compensated for their services by receiving a percentage of an investor’s principal investment as their commission for brokering the trade. Churning is detrimental to investors for multiple reasons. The quick turn around of investments prevents longer term investments from maturing and thus preventing investors from seeing returns. It also causes investors to incur highly unnecessary sales charges that in turn cause their principal investment to continuously deteriorate.
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 Drew Wiener, please contact Oakes & Fosher for a free and private consultation.
