The law firm of Oakes & Fosher is currently investigating the possible misconduct and/or negligence of securities broker Kevin R. Wilson. According to his publicly available FINRA BrokerCheck report, Kevin R. Wilson has been the subject of multiple customer complaints over the course of his career.
Kevin R. Wilson is currently operating as a New York based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with eight different securities firms.
His Registrations
- Sands Brothers & Co. (1999-2001)
- Kuhns Brothers Securities Corporation (2002-2003)
- Casmir Capital (2001-2005)
- Westminster Securities Corporation (2005-2006)
- Gilford Securities Incorporated (2006-2009)
- Aegis Capital Corp. (2008-2010)
- Laidlaw & Company (2010-2017)
- National Securities Corporation (2017-Present)
Allegations
- In December 2017, a customer alleged that Kevin R. Wilson made material misrepresentations. This case is currently pending. The customer is seeking $75,000 in damages.
- In July 2018, a customer alleged that Kevin R. Wilson recommended unsuitable investments and over-concentrated their account in said unsuitable investments. This case was settled for $29,500 in damages.
- In October 2018, a customer alleged that Kevin R. Wilson recommended unsuitable investments. This case is currently pending. The customer is seeking $2 million in damages.
- In November 2018, a customer alleged that Kevin R. Wilson made unsuitable investment recommendations. This case was settled for $85,000 in damages.
- In April 2019, a customer alleged that Kevin R. Wilson recommended unsuitable investments and over-concentrated their account. This case is currently pending. The customer is seeking $440,000 in damages.
- In May 2019, another customer alleged that Kevin R. Wilson recommended unsuitable investments and over-concentrated their account in said securities. This case is currently pending. The customer is seeking $300,000 in damages.
- Also in May 2019, a customer alleged that Kevin R. Wilson executed unauthorized trades. This case is currently pending. The customer is seeking $90,405 in damages.
- In November 2019, another customer alleged that Kevin R. Wilson recommended unsuitable investments and over-concentrated their account in said investments. This case is currently pending. The customer is seeking $1.6 million in damages.
What Does This Mean?
Securities brokers are a brand of financial advisor known as fiduciaries. As fiduciaries, brokers have a duty to their customers to always act in their best financial interests. The main part of this fiduciary duty includes only recommending securities to customers that are suited for them. This suitability is determined by a customer’s age, investment objectives, financial situation, liquidity needs, and more. Securities brokers are expected to conduct the necessary due diligence required to determine if investments are suitable for a customer based on the above mentioned factors.
Securities brokers, like Kevin R. Wilson, are also expected to diversify a customer’s portfolio in a suitable manner. If a broker over-concentrates a customer’s portfolio in one or two specific securities, then their financial success depends on the success of those few securities. It is also imperative that securities brokers adequately diversify investor portfolios among investments with varying levels of risk–dependent upon their stated objectives. A securities broker can place their customer in a variety of different investments; however, if all of them are high-risk, then the customer’s financial stability is completely predicated upon those high risk securities. An investor’s portfolio should be adequately diversified among different investments with varying levels of risk that match their stated investment objectives and risk tolerance.
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 misconduct. 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 who have lost money in this fashion all across the nation. If you, or someone you know, have lost money investing with Kevin R. Wilson, 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.
