The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Randolph Eddlemon. According to his publicly available FINRA BrokerCheck report, Randolph Eddlemon has been the subject of multiple customer disputes.
Randolph Eddlemon was an Arizona based securities broker. He worked in the securities industry for twenty-four years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
- First Investors Corporation (1992-1993)
- Fortis Investors (1993-1994)
- Royal Alliance Associates (1993-2004)
- Geneos Wealth Management (2005-2017)
- In July 2017, a customer alleged that Randolph Eddlemon recommended unsuitable investments.
- Also in July 2017, Randolph Eddlemon was terminated from his position at Geneos Wealth Management following allegations of sharing confidential client information.
- In December 2018, a customer alleged that Randolph Eddlemon recommended unsuitable variable annuities and variable annuities exchanges. This case is presently pending. This customer is seeking $350,000 in damages.
What Does This Mean?
Variable annuities are highly illiquid investment vehicles designed to provide investors with income during their retirement. They are only suitable for certain types of investors, however, they are consistently recommended to investors who do not qualify because of the excessively high commissions that brokers like Randolph Eddlemon receive when the transaction is executed. The reason these products are so illiquid is because of the incredibly high fees the investor is charged if the product is liquidated during its surrender period. Because of this, it is highly inappropriate for brokers to recommend annuity exchanges to customers because they will be charged surrender fees and additional commissions–all of which is completely unnecessary as these types of exchanges rarely serve any benefit to investors.
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 Randolph Eddlemon, 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.