The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Glen Webster. According to his publicly available FINRA BrokerCheck report, Glen Webster has been the subject of multiple customer disputes.
Glen Webster was a Georgia based securities broker. He worked in the securities industry for fourteen years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Morgan Stanley DW (2004-2005)
- Metroplitan Life Insurance Company (2005-2007)
- MetLife Securities (2005-2008)
- SII Investments (2008)
- Investment Centers of America (2008)
- Chase Investment Services (2008-2011)
- Wells Fargo Clearing Services (2011-2018)
- IFS Securities (2018-2019)
The Allegations
- In March 2015, a customer alleged that Glen Webster failed to communicate the downside risk of the investment strategy they had been placed in. This case was settled for $25,000 in damages.
- In June 2015, a customer alleged that he was not told about the potential costs associated with exiting a covered call strategy recommended by a third party money manager that had been recommended by Glen Webster. This case was settled for $145,000 in damages.
- In March 2019, a customer alleged that Glen Webster misrepresented the tax consequences associated with liquidating a foreign entity. The customer further alleged that Glen Webster recommended she withdraw from her annuity to pay those consequences; however, she claims Webster did not inform her of the tax consequences associated with the annuity withdrawal. This case was settled for $12,500 in damages.
- In December 2019, Glen Webster was officially sanctioned by FINRA. The findings state that Webster borrowed $10,000 from a member firm customer despite the firm’s policy prohibiting soliciting personal loans from customers. Due to these alleged actions, Glen Webster was suspended by FINRA from acting as a securities broker in any fashion for a period of three months.
What Does This Mean?
Securities brokers are required to communicate all tax consequences that are associated with any liquidation or withdrawals made on the broker’s recommendation. This omission is a very serious charge as it can lead to investors making important financial decisions based on incomplete information. One of the most important aspects of a securities broker’s job is communicate all the information about a customer’s investments accurately and that the information is complete. Broker’s who fail at this aspect of their job lack the ability to perform their duties to the standard that is required for someone in their position.
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 Glen Webster, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
