The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Jim King Mui. According to his publicly available FINRA BrokerCheck report, Jim King Mui has been the subject of multiple customer disputes over the course of his career.
Jim King Mui is presently operating as a Florida based securities broker. He has worked in the securities industry for thirty-eight years. During his career, he has been registered with ten different securities firms.
His Registrations
- Merrill Lynch (1981-1985)
- Descap Securities (1985)
- Prudential-Bache Securities (1985-1990)
- Vantage Financial Services (1990-1991)
- Lehman Brothers (1991-1993)
- Smith Barney Inc. (1993-1995)
- Dean Witter Reynolds (1995-1996)
- UBS Financial Services (1996-2005)
- Raymond James (2005-2018)
- Purshe Kaplan Sterling Investments (2018-Present)
The Allegations
- In October 1990, a customer alleged that Jim King Mui failed to disclose the risks associated with an investment. This case was settled for $25,000 in damages.
- In November 2004, a customer alleged that Jim King Mui executed an unauthorized trade and failed to properly advise her of penalties associated with her IRA distributions. This case was settled for $17,000 in damages.
- In July 2011, a customer alleged that Jim King Mui misrepresented material details associated with an investment. This case was settled for $275,000 in damages.
- In July 2019, a customer alleged that Jim King Mui made an unsuitable recommendation that they surrender an annuity. This case was settled for $50,000 in damages.
What Does This Mean?
Annuities are investment vehicles that are only suitable for a certain type of investor. It works by the investor paying scheduled premiums for a scheduled length of time up until the point they retire. At that point, they begin receiving scheduled distributions to act as their income. Fixed annuities are pretty straight forward where a customer receives the amount in distributions that they paid in premiums plus interest. A variable annuity is a little different. The customer’s premiums are invested in the market and the amount they receive during retirement is dependent on how well the investments did. The main drawback of annuities is their lack of liquidity. Investors who believe they might find themselves in a situation where they would need to liquidate their investments should not be invested in annuities. This is because investors are charged incredibly high penalties when they withdraw from or surrender their annuities before their retirement date.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. The truth is that investors who have lost money in this fashion could 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 Jim King Mui, please contact Oakes & Fosher for a free and private consultation.
