The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Robert Witt. According to his publicly available FINRA BrokerCheck report, Robert Witt has been the subject of multiple customer disputes.
Robert Witt was an Illinois based securities broker. He worked in the securities industry for fourteen 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.
His Registrations
- American United Life Insurance Company (1997-2001)
- Oneamerica Securities (1997-2006)
- ING Financial Partners (2006-2010)
- Voya Financial Advisors (2014-2016)
The Allegations
- In June 2011, a customer alleged that Robert Witt charged them excessive fees. This case was settled for $20,000 in damages.
- In August 2016, customers alleged that Robert Witt failed to follow instructions, engaged in an inappropriate use of margin, and made investment recommendations that were unsuitable based on the customers’ desire to invest conservatively. This case was settled for $14,530 in damages.
- In September 2017, a customer alleged that Robert Witt recommended unsuitable investments and made material misrepresentations. This case was settled for $15,000 in damages.
- Also in September 2017, a customer alleged that Robert Witt charged them high commissions and placed them in a risky investment strategy. This case was settled for $19,000 in damages.
- In December 2017, a customer alleged that the investments Robert Witt placed them in were not in line with their conservative investment objectives. This case was settled for $27,500 in damages.
- Also in December 2017, a customer alleged that Robert Witt made unsuitable investment recommendations, provided an unsuitable extension of margin credit, engaged in unauthorized trading, committed common law fraud, and engaged in financial elder abuse. This case was settled for $115,000 in damages.
- In January 2018, a customer alleged that Robert Witt failed to adequately diversify their portfolio. This case was settled for $100,000 in damages.
- In July 2018, a customer alleged that Robert Witt made unsuitable investment recommendations and failed to diversify their portfolio. This case was settled for $50,000 in damages.
What Does This Mean?
One of the most important duties of a securities broker is making sure their investor’s portfolio is properly diversified in a manner that is suitable to them. This means a couple of different things. First off, investor portfolios should never be over-concentrated in a singular security. This is true even if the security is a low risk investment. No matter how safe of an investment it may be, things can still go wrong. The success of an investor’s portfolio should never be dependent upon the success of a singular security. If a portfolio is well diversified, when one particular investment fails, the investor’s losses will be minimal. Second, investors, especially those with more conservative investment objectives, should never have their portfolios over-concentrated in nothing but high-risk securities. Portfolios need to be well balanced among a wide variety of investments with varying levels of risk–depending on the customer’s objectives.
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 Robert Witt, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
