The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Jesse Webb. According to his publicly available FINRA BrokerCheck report, Jesse Webb has been the subject of multiple customer disputes over the course of his career.

Jesse Webb is a Texas-based securities based broker. He has worked in the securities industry for twenty-five years. During his career, he has been registered with four different securities firms.

His Registrations

  • Morgan Stanley (1993-2001)
  • UBS Financial Services (2001-2007)
  • Merrill Lynch (2007-2012)
  • Oppenheimer & Co. (2012-Present)

The Allegations

  • In April 2010, a customer alleged that Jesse Webb engaged in the unauthorized trading and misrepresentation of Auction Rate Securities from June to September of 2008. This case was settled for $2.4 million.
  • Also in April 2010, a customer alleged that Jesse Webb made material misrepresentations and unsuitable investment recommendations. This case was settled for approximately $1.8 million.
  • In January 2012, Jesse Webb was allowed to resign from Merrill Lynch due to allegations that he took part in an outside real estate transaction without his member firm’s knowledge or consent.
  • In February of 2015, a claimant alleged that Jesse Webb took advantage of their disability by fraudulently inducing him into making unsound investments and converting his IRA into a roth IRA. This case was settled for $35,000.

What Does This Mean?

There is an allegation levied against some securities brokers known as financial elder abuse. This occurs when a securities broker takes advantage of an investor’s diminished capacity to make financial decisions. They will coerce the individual into investing in particular securities that they would not have purchased otherwise. This also applies to individuals with disabilities when said disability affects their ability to make financial decisions.

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 Jesse Webb, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on contingency basis, which means there are no fees charged unless we collect for you.