The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker J. Randall Gladden. According to his publicly available FINRA BrokerCheck report, J. Randall Gladden has been the subject of multiple customer disputes and FINRA sanctions.

J. Randall Gladden operated most recently as a California based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with three different securities firms.

His Registrations

  • Securities America (1995-1997)
  • Securities Service Network (1997-2002)
  • Securities Equity Group (2002-2016)

The Allegations

  • In December 2015, J. Randall Gladden became the subject of a FINRA sanction. The findings in this matter state that he engaged in private securities transactions without receiving prior authorization from his member firm. J. Randall Gladden allegedly created two companies that he then solicited over $2.1 million from investors for. Due to his alleged actions, he was fined $15,000 and suspended from acting as a securities broker in any fashion for a period of twelve months. J. Randall Gladden resigned from his position at Securities Equity Group amidst the allegations.
  • In January 2018, a customer alleged that J. Randall Gladden improperly solicited them to purchase an unsuitable variable annuity. This case is currently pending. The customer is seeking $150,000 in damages.

Variable Annuities

Variable Annuities are investment vehicles designed for an investor’s retirement. An annuity involves an investor making premium payments up until their retirement date, at which point they begin receiving scheduled distributions. A fixed annuity is pretty straight forward. The investor receives the amount that they paid in premiums. A variable annuity on the other hand operates differently. The premiums that an investor pays are invested into the market. The amount an individual then receives come retirement is dependent on how well their money had been invested.

While variable annuities can appear alluring, the truth is that they are unsuitable for a lot of investors. They are one of the most illiquid products out there. If investors need to access money before their retirement date, they are forced to pay incredibly high penalties. Investors who think this might be a possibility for them are far better off purchasing regular securities. Securities brokers, like J. Randall Gladden, are required to conduct the necessary due diligence required to discern if their customer would actually be suited for a variable annuity given their liquidity needs.

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 J. Randall Gladden, please contact Oakes & Fosher for a free and private consultation.