The law firm of Oakes & Fosher is currently investigating the possible misconduct of former securities broker John Wade. According to his publicly available FINRA BrokerCheck report, John Wade has been the subject of a FINRA sanction and a customer complaint.

John Wade was a California based securities broker. He worked in the securities industry for sixteen years. During his career, John Wade was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Merrill Lynch (2002)
  • Edward Jones (2002-2004)
  • Citicorp Investment Services (2004-2006)
  • Wells Fargo (2006-2011)
  • U.S. Bancorp Investments (2011-2018)

The Allegations

John Wade was sanctioned by FINRA in June 2018. The findings in this matter state that Wade converted funds of $105,712.18 from the accounts of some of his elderly customers at his member firm. He then allegedly used these converted funds to pay his mortgage. Without authorization, John Wade allegedly transferred $47,570 from one of his elderly customer’s checking accounts to his mortgage account. He then allegedly committed a similar action with another one of his elderly clients by convincing him to withdraw funds totaling $51,141 from his account from the firm, in addition to an extra $7,000 from the elderly client’s personal checking account, to invest in REITs. All of these funds were then converted by John Wade to pay his mortgage. Due to his alleged actions in this matter, John Wade was barred by FINRA from acting as a securities broker in any fashion. One of the afflicted customers filed a claim against U.S. Bancorp Investments in the month following the sanction. This case was settled for $58,566 in damages.

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 John Wade, 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.