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, investors who believe that they have lost money in this fashion, may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.
Oakes & Fosher is currently investigating former securities broker Robert Batchen for possible misconduct. According to his publicly available FINRA BrokerCheck report, Robert Batchen has been the subject of multiple customer complaints.
Robert Batchen operated most recently as an Illinois based securities broker. He worked in the securities industry for twenty-four years. During his career, he was registered with four different securities firms.
His Registrations
- Dean Witter Reynolds (1990-1995)
- A.G. Edwards & Sons (1995-2008)
- Wells Fargo Advisors (2008-2012)
- Uhlman Price Securities (2012-2015)
The Allegations
- In July 2012, a customer alleged that the investments made in her account by Robert Batchen were not suitable based on her age and risk tolerance.
- In December 2013, a customer alleged that Robert Batchen engaged in both unsuitable and unauthorized trading. This case was settled for $250,000 in damages.
- In October 2016, Robert Batchen was officially sanctioned by FINRA in October 2016. The findings in this matter state that Batchen purchased non-traditional ETFs in one of his customer’s accounts, even though these products were contrary to the customer’s financial situation, conservative investment objectives, and risk tolerance. Robert Batchen allegedly held these products in this customer’s accounts for approximately 222 days, even though these non-traditional ETFs were meant to be purchased and sold again within a single trading day. Due to these alleged actions, the customer lost approximately $56,246.
What Does This Mean?
The most common allegation levied against former securities broker Robert Batchen was that he made unsuitable investment recommendations to his customers. Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by factors that include the customer’s financial situation, investment objectives, risk tolerance, and liquidity needs. Securities brokers, like Robert Batchen, are expected to conduct the necessary due diligence required to discern a customer’s suitability by analyzing the above mentioned factors. Investors who believe they have lost money due to their securities broker’s unsuitable investment recommendations may be entitled to damages.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Batchen, please contact Oakes & Fosher for a free and private consultation.
