The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker James Bylenga. According to his publicly available FINRA BrokerCheck report, James Bylenga has been the subject of a customer dispute.
James Bylenga was a Michigan based securities broker. He worked in the securities industry for thirty eight 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.
His Registrations
- Centennial Securities (1980-1991)
- Lehman Brothers (1991-1993)
- Citigroup Global Markets (1992-2007)
- Robert W. Baird & Co. Incorporated (2007-2009)
- Comerica Securities (2009-2016)
- LPL Financial (2016-2018)
The Allegations
In November 2018, a customer alleged that James Bylenga solicited funds from them. Bylenga allegedly misrepresented that these funds would be received as an investment; however, the funds were received by James Bylenga as a loan. This case was settled for $210,000 in damages.
During a FINRA investigation into the matter, James Bylenga allegedly failed to produce requested documents. Due to these alleged actions, he was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Securities brokers are not allowed to solicit loans from their customers under any circumstances. This is because of the power dynamic between the investor and the broker. While investors are the ones who have final say regarding how their funds are invested, the broker still holds the position of expert in the relationship. This can create an undue amount of pressure on investors to provide their brokers with loans when requested. Often times, less than scrupulous brokers can mislead investors into believing that providing them a loan is on par with an actual investment. This is a gross misrepresentation and can often lead to investors experiencing losses in their accounts.
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 James Bylenga, 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.
