The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Howard Utz. According to his publicly available FINRA BrokerCheck report, Howard Utz was involved in a fraudulent private business venture.

Howard Utz was a Pennsylvania based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Sunset Financial Services (1995-2014)
  • Securities America (2014-2015)
  • Hazard & Siegel (2015-2018)

The Allegations

Howard Utz’ publicly available FINRA BrokerCheck report shows that he was terminated from his position at Hazard & Siegel in June 2018. This termination followed allegations that he failed to report outside business activities to his member firm. He also allegedly accepted checks from Hazard & Siegel customers meant for these private securities transactions. However, instead of investing these acquired funds, he allegedly converted them for his own personal use.

Howard Utz allegedly failed to comply with a FINRA investigation into the matter. Due to this alleged failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers are not allowed to engage in private business ventures without first disclosing their involvement to their member firm. This is because member firm customers can often be financially harmed when brokers begin recommending they invest in securities outside the scope of their member firm. In many cases it creates a significant conflict of interest for the securities broker. They may begin recommending a private investment to a member firm customer, even if said investment is highly unsuitable for them. Or, similar to the allegations levied against Howard Utz, the business venture might just be a fraudulent scheme meant to steal customer funds.

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 Howard Utz, please contact Oakes & Fosher for a free and private consultation.

Leave a Reply