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 individuals who believe they have lost money in this fashion could actually be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who think this might be them.
Oakes & Fosher is presently investigating the possible misconduct of former securities broker Ron Willoughby. According to his publicly available FINRA BrokerCheck report, Ron Willoughby has been the subject of multiple customer disputes.
Ron Willoughby operated most recently as a California based securities broker. He worked in the securities industry for twenty-five years. During his career, he was registered with six different securities firms.
His Registrations
- Merrill Lynch (1994-1996)
- Piper Jaffray (1996-1999)
- UBS Financial Services (1999-2005)
- Morgan Stanley (2005-2016)
- LPL Financial (2016-2018)
- Kestra Investment Services (2018-2019)
The Allegations
- In October 2008, a customer alleged that Ron Willoughby placed them in volatile securities despite the fact that they had requested more conservative investments that they could retire off of. This case was settled for $87,500 in damages.
- In October 2017, a customer alleged that Ron Willoughby recommended unsuitable investments. This case was settled for $33,035 in damages.
- In June 2019, Ron Willoughby was officially sanctioned by FINRA. The findings in this matter state that he took part in an unsuitable pattern of short-term Unit Investment Trust trading in customer accounts. He allegedly instructed customers to roll-over their UIT before it matured so that they could purchase a subsequent serious of the exact same UIT. Due to these alleged actions, Ron Willoughby was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of three months.
Unit Investment Trusts (UITs)
A Unit Investment Trust is a security that centers around a fixed portfolio of stocks and bonds. They are sold as redeemable units that are designed to appreciate in value over a certain period of time. Some UITs even provide customers with scheduled distributions. Excessively trading UITs before they have opportunity to appreciate and grow in value is very unsuitable to investors due to the fees and losses they would incur.
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 Ron Willoughby, please contact Oakes & Fosher for a free and private consultation.
