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, investors who believe that they might have lost money in this manner may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.

Oakes & Fosher is currently investigating the possible misconduct of former securities broker Hank Werner. According to his publicly available FINRA BrokerCheck report, Hank Werner has been the subject of a FINRA sanction.

Hank Werner operated most recently as a New York based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with twelve different securities firms.

His Registrations

  • Shearson Lehman Hutton (1987-1989)
  • Smith Barney (1989-1990)
  • Prudential Securities Incorporated (1990-1994)
  • Robert Thomas Securities (1994)
  • American Investment Services (1994-2002)
  • First Montauk Securities (2002-2004)
  • Empire Financial Group (2004-2007)
  • National Securities Corporation (2007-2009)
  • Alexander Capital (2009-2011)
  • Brookstone Securities (2011-2012)
  • Liberty Partners Financial Services (2012)
  • Legend Securities (2012-2016)

The Allegations

Hank Werner was officially sanctioned by FINRA in August 2016. The findings in this matter state that he took advantage of one of his customers who was elderly, blind, and physically disabled. Werner allegedly set in motion a fraudulent investment scheme where he churned three of the accounts that this customer held with him. Hank Werner allegedly executed over 700 trades in the accounts which generated approximately $243,420 in commissions and fees while the customer suffered around $184,000 in total losses. Werner’s alleged trading of these accounts was excessive and was contrary to the customer’s risk tolerance, investment objectives, and financial situation. Since there was no reasonable basis for Hank Werner to believe that this trading would benefit the investor, he allegedly engaged in this strategy of frequent trading in order to generate commissions for himself. Due to these alleged actions, he was barred by FINRA from acting as a securities broker in any fashion, forced to pay $80,000 in fines, and forced to pay $155,393 in restitution.

What Does This Mean?

Securities brokers have a legal obligation to always act in the best interests of their customers. Despite this, many securities brokers still engage in this fraudulent practice that securities brokers, like Hank Werner, implement to boost their own commissions.

The allegations levied against Hank Werner construct a narrative of a securities broker that took advantage of a helpless individual. It is incredibly important to hold securities brokers accountable when they act only in their own self-interests.

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 Hank Werner, please contact Oakes & Fosher for a free and private consultation.