The law firm of Oakes & Fosher is interested in hearing from investors who believe they have lost money investing with securities broker Michael Ollmann. Oakes & Fosher has filed an arbitration against Wells Fargo, on behalf of one of their customers, due to the alleged actions of Michael Ollmann.
Michael Ollmann is a Wisconsin based securities broker. He has worked in the securities industry for twenty-five years. During his career, he has been registered with three different securities firms.
His Registrations
- Montano Securities Corporation (1994)
- Wells Fargo (1994-2015)
- Raymond James (2015-Present)
The Allegations
The arbitration that Oakes & Fosher filed states that Michael Ollmann allegedly engaged in gross self-dealing by excessively trading his customer’s account in order to generate additional commissions. This process is also referred to as churning. He did this through a series of excessive fund switches of investments that are meant to be held onto long term. On behalf of our client, we have also alleged that Michael Ollmann handled this customer’s account negligently, breached his fiduciary duty, engaged in common law fraud, made material misrepresentations and omissions, violated the Wisconsin Securities Act, and breached contract.
Churning
Churning is a deceptive trading practice that many less than scrupulous securities brokers continue to take part in despite its fraudulent nature. It centers around the securities broker trading their customer’s account excessively even if it has no actual financial benefit to the customer. Rather, the broker does this with the express purpose of increasing their own commissions. This act is often detrimental to investors due to the fees it causes them to incur. The fees can very easily rack up and drastically lower investor principals.
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 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 Michael Ollmann, 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.
