The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Henry Watson. According to his publicly available FINRA BrokerCheck report, Henry Watson has been the subject of multiple customer disputes.
Henry Watson was a South Carolina based securities broker. He worked in the securities industry for thirty-one 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
- Painewebber Incorporated (1984-1989)
- Raymond James & Associates (1989-1991)
- Nationsbanc Securities (1991-1993)
- Nations Securities (1993-1998)
- Banc of America Investment Services (1998-2000)
- Edgar M. Norris & Co. (2000)
- Scott & Stringfellow (2001-2012)
- J.J.B. Hilliard, W.L. Lyons (2012-2016)
The Allegations
- In March 2010, a customer alleged that Henry Watson made unsuitable investments, misrepresented the details of their account, engaged in fraud, churned their account, breached his fiduciary duty, breached their contract, and more. This case was settled for $250,000 in damages.
- In September 2015, a customer alleged Henry Watson engaged in excessive trading and unauthorized trading, mismanaged their portfolio, and charged them excessive commissions. This case was settled for $166,500 in damages.
What Does This Mean?
Securities brokers like Henry Watson receive compensation for their services in two major ways. The first is by charging their customers a flat fee that is determined by the value of the account they are managing on their behalf. The second is by charging the investor a percentage of the principal investment every time they execute a transaction on their behalf. This percentage is then their commission for brokering the trade. This second method of compensation can very easily lead to customers being taken advantage of. These commissions are supposed to be fair and balanced; however, many brokers will often engage in unscrupulous trading patterns with the express intent of increasing their own commissions. This might include trading a customer’s account excessively, or choosing highly unsuitable securities solely because they provide higher commissions to the selling broker. When investors are forced to pay such outrageous commissions, it can seriously weaken their principal investments and prevent them from seeing desired returns. These acts fully portray brokers who place their own financial interests ahead of their customer’s.
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 Henry Watson, 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.
