The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Larry Wolfe. According to his publicly available FINRA BrokerCheck report, Larry Wolfe has been the subject of multiple customer disputes.

Larry Wolfe was a Florida based securities broker. He worked in the securities industry for thirty-eight years. During his career, he was registered with eleven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Swanton Securities (1978-1979)
  • Hanauer, Stern & Co. (1979-1981)
  • Bevill, Bresler & Schulman Incorporated (1982-1985)
  • Drexel Turnham Lambert Incorporated (1985-1987)
  • E.F. Hutton & Company Inc. (1987-1988)
  • Sheraton Lehman Hutton (1988-1990)
  • Raymond James & Associates (1990-1991)
  • The GMS Group (1991-2000)
  • Herbert J. Sims & Co. (2000-2016)
  • Aegis Capital Corp. (2016)
  • Stoever, Glass & Company (2016-2017)

The Allegations

  • In February 1991, a customer alleged that Larry Wolfe unsuitably recommended they begin trading in commodities. This case went to arbitration where the customer was awarded $71,000 in damages.
  • In May 1991, a customer alleged that she was put into lower quality securities and that her account was actively traded by Larry Wolfe. This case was settled for $40,000 in damages.
  • In May 2001, a customer alleged that Larry Wolfe executed unauthorized and unsuitable bond purchases. They also alleged that their account was traded excessively by Wolfe. This case was settled for $20,000 in damages.
  • In April 2010, a customer alleged that Larry Wolfe engaged in unauthorized trading and breached his fiduciary duty. This case was settled for $99,500 in damages.
  • In December 2015, Larry Wolfe was terminated from his position at Herbert J. Sims & Co. This termination followed allegations that he exercised discretion in a non-discretionary account. It was also alleged that he failed to appropriately re-title the client’s account upon learning the client was deceased.
  • In September 2016, a customer alleged that Larry Wolfe engaged in unauthorized trading, churned their account, recommended unsuitable securities, and made material misrepresentations. This case was settled for $45,000 in damages.
  • In February 2017, a customer alleged that Larry Wolfe executed unauthorized trades, made material misrepresentations, and made unsuitable recommendations. This case is currently pending. The customer is seeking $400,000 in damages.
  • In June 2017, he was officially sanctioned by FINRA. The findings in this matter state that he allegedly exercised discretion in customer accounts without first obtaining written authorization from the customers or having his member firm deem the accounts in question as suitable for discretionary trading. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of fifteen business days.
  • In February 2018, another customer alleged that Larry Wolfe engaged in unauthorized trading, made unsuitable recommendations, and misrepresented material facts. This case is currently pending. The customer is seeking $100,000 in damages.
  • In April 2018, a customer alleged that Larry Wolfe breached his fiduciary duty, handled their account negligently, breached contract, engaged in fraud, and misrepresented material details. This case is currently pending. The customer is seeking $200,000 in damages.
  • In April 2019, a customer alleged Larry Wolfe engaged in common law fraud, breached his fiduciary duty, handled their account negligently, and breached contract. This case went to arbitration where the customer was awarded $480,000 in damages.

Unauthorized Trading

Securities brokers like Larry Wolfe are not allowed to execute transactions on their customer’s behalf without first obtaining said customer’s authorization to do so. Investors hire brokers to recommend investments they are financially suited for; however, that does not mean they have surrendered their right to have the final say regarding what they are ultimately invested in. Some less than scrupulous securities brokers sometimes ignore this principle and will place customers in trades that were never discussed. One of the main reasons that brokers will do this is because they are placing their customer in an unsuitable trade that could very easily lead to the customer experiencing significant financial losses.

Misrepresentation

Misrepresentation occurs when a broker provides an investor with falsified information about investments. Some brokers will do this on purpose in an attempt to defraud their customers; however, others will do this by accident through their own negligence and inability to perform their job adequately. The broker’s intent is irrelevant. Misrepresentation can lead to significant financial harm to investors due to the fact that it can cause them to make financial decisions based on misinformation.

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 Larry Charles Wolfe, 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.