The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jaime Westenbarger. According to his publicly available FINRA BrokerCheck report, Jaime Westenbarger has been the subject of multiple customer disputes.
Jaime Westenbarger was a Michigan based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
- OneAmerica Securities (2003-2006)
- Sigma Financial Corporation (2006-2007)
- Invest Financial Corporation (2007-2011)
- American Portfolios Financial (2011-2014)
- First Allied Securities (2014-2016)
- Securities America (2016-2019)
- In December 2009, a customer alleged that Jaime Westenbarger recommended an unsuitable variable annuity. This case was settled for $12,500 in damages.
- In April 2017, a customer alleged that Jaime Westenbarger recommended unsuitable REIT products.
- In August 2018, a customer alleged that Jaime Westenbarger recommended an Allianz variable annuity that was highly unsuitable due to its illiquidity.
- In August 2019, Jaime Westenbarger was discharged from his position at Securities America following allegations that he violated firm policies regarding borrowing funds from customers.
- In September 2019, a customer alleged that Jaime Westenbarger recommended an unsuitable annuity. This case is currently pending.
- In October 2019, customers alleged that Jaime Westenbarger misappropriated their funds by using funds earmarked to purchase a corporate note for his own personal use. The customers also alleged that Westenbarger convinced them to replace a variable annuity without any reasonable basis to do so. The customers also alleged that Jaime Westenbarger made an unauthorized UIT purchase that was highly unsuitable. The customers also alleged that Jaime Westenbarger violated the Michigan Securities Act, breached contract, breached his fiduciary duty, and converted funds. This case is currently pending. The customers are seeking $212,000 in damages.
What Does This Mean?
Converting a customer’s funds is one of the most blatant and fraudulent acts a securities broker could ever commit. Most investors trust their broker implicitly with their money because they know brokers are always bound by their fiduciary duty to act in their customers’ best financial interests. Brokers like Jaime Westenbarger take advantage of this trust as a way to steal their customer’s money without them suspecting foul play. These brokers often pass this act off as standard market losses.
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 Jaime Westenbarger, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.