Joe Allbright Suspended By FINRA For Allegedly Soliciting Private Investments

The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker George Schmidt. According to his publicly available FINRA BrokerCheck report, Joe Allbright was the subject of multiple customer disputes over the course of his career.

Joe Allbright was a Texas-based securities broker who worked in the securities industry for nineteen years. During his career, he was registered with two different securities firms.

His Registrations 

• Sunset Financial Services (1998-2001)


• Farmers Financial Solutions (2001-2017)

The Allegations 

• In August 2018, a customer alleged that due to Allbright's negligent financial advice, the customer suffered substantial financial loss to his retirement savings totaling $432,000.  This case was settled for $382,000 in damages.


• In June 2020, Allbright was officially sanctioned by FINRA for allegedly engaging in undisclosed and unapproved private securities transactions. As a result of these findings, Allbright was suspended from acting as a securities broker in all capacities for a period of nine months and fined $10,000.

What Does This Mean?

Securities brokers are not allowed to engage in any private securities transactions without first disclosing it to their member firms, as these types of actions can often create significant conflicts of interest.  It is the securities firm’s job to prevent investors from being harmed by broker conflicts of interest. That is why brokers are supposed to disclose any involvement in these outside activities to their member firm. However, a broker forgoing this procedure of disclosure does not absolve the firm from liability. Securities firms need to have procedures in place designed to adequately monitor their registered brokers and prevent them from engaging in any unauthorized activities.

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 due to this fraud or negligence 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 Joe Allbright, 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.