Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Glenn King. According to his publicly available FINRA BrokerCheck report, Glenn King has been the subject of multiple customer disputes.
Glenn King operated most recently as a New Jersey based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Thomas James Associates (1992)
- Dean Witter Reynolds (1994)
- Citigroup Global Markets (1994-2004)
- Royal Alliance Associates (2005-2011)
- Saxony Securities (2011)
- Garden State Securities (2011)
- Buckman, Buckman & Reid (2012-2015)
The Allegations
- In November 2001, a customer’s daughter alleged that Glenn King executed unauthorized, unsuitable, and excessive trades in her mother’s account. This case was settled for $34,371 in damages.
- In June 2015, a customer alleged that Glenn King misrepresented key details regarding their investment. This case was settled for $75,000 in damages.
- In November 2015, Glenn King was officially sanctioned by FINRA. The findings in this matter state that he made fraudulent misrepresentations and omissions to some of his customers regarding the sale of Unit Investment Trusts. King allegedly told these customers that he was going to invest them in safe, no-risk bonds and told them that there would be no fees or commissions charged to them. However, according to the findings, the customers in questions sustained significant losses while invested in UITs and were charged $38,000 in commissions by Glenn King. He also allegedly engaged in a short-term trading strategy of products meant to be held on long-term. It was deemed by FINRA that this strategy was excessive and unsuitable. Due to these alleged actions, Glenn King was barred by FINRA from acting as a securities broker in any fashion.
- In December 2015, a customer alleged that Glenn King recommended unsuitable investments and executed unauthorized trades. This case was settled for $125,000 in damages.
- In January 2016, another customer alleged that Glenn King executed unauthorized trades and recommended unsuitable investments. This case was also settled for $125,000 in damages.
Misrepresentation And Omission
Securities brokers are obligated to disclose all the relevant information about a potential investment to their customer. If a broker fails to disclose any relevant information, it is referred to as omission. They are also obligated to disclose all that information honestly. If a broker provides their customer with falsified information about a potential investment, it is referred to as misrepresentation. The reason that these allegations are so serious is because it can cause investors to purchase securities that they would not have otherwise purchased had they known the full truth.
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 Glenn King, 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.
