The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jay Weil. According to his publicly available FINRA BrokerCheck report, Jay Weil has been the subject of a customer dispute.
Jay Weil was a California based securities broker. He worked in the securities industry for eighteen years. He spent his entire career registered with Cambridge Investment Research, Inc. He is no longer working as a registered securities broker in any fashion.
The Allegations
In January 2020, a customers alleged that Jay Weil breached his fiduciary duty, failed to comply with ERISA standards, and chose investments based on what would provide him with the largest commissions. This case is currently pending. The customer is seeking $400,000 in damages.
What Does This Mean?
Different types of investments charge investors different amounts in fees. A large portion of these fees are given to the selling broker as their commission for brokering the trade. Certain types of investment products carry larger commissions for the selling brokers. This often creates significant conflicts of interest for securities brokers as it can cause them to chose products for their customers based on commission size as opposed to what is actually suitable for their customer.
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 Jay Weil, 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.
