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

James Unger was an Ohio based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with eight different securities firms.

His Registrations

  • Rodman & Renshaw (1994-1995)
  • Mesirow Financial (1995-1997)
  • Ladenburg, Thalmann & Co. (1997-2003)
  • Ryan Beck & Co. (2003-2005)
  • SMH Capital (2005-2009)
  • Fintegra (2009-2013)
  • Hennion & Walsh (2013-2014)
  • Financial America Securities (2014)

The Allegations

  • In October 2014, a customer alleged that James Unger committed fraudulent and illegal conduct that included selling unsuitable, illiquid investments and preparing fictitious financial statements. This case was settled for $140,000 in damages.
  • In April 2015, a customer alleged that James Unger took part in selling away of a private placement. This case is currently pending. The customer is seeking a undisclosed amount in damages.
  • James Unger eventually pled guilty to two counts of wire fraud and five counts of filing false tax returns after allegedly misappropriating $267,664 from one of his customers between 2010 and 2014. He was in turn barred by the United States Securities and Exchange Commission from acting as a securities broker in any fashion.

What Does This Mean?

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

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 been hurt 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 James Unger, please contact Oakes & Fosher for a free and private consultation.