The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Scott Wallach. According to his publicly available FINRA BrokerCheck report, Scott Wallach has been the subject of multiple customer disputes over the course of his career.
Scott Wallach is a New Jersey based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with five different securities firms.
His Registrations
- Continental Broker-Dealer Corp. (1998)
- Painewebber Incorporated (1999)
- Prudential Securities Incorporated (1999-2003)
- Wells Fargo Clearing Services (2003-2017)
- APW Capital (2017-Present)
The Allegations
- In November 2010, a customer alleged that Scott Wallach excessively traded their account. This case was settled for $22,000 in damages.
- In July 2016, a customer alleged that Scott Wallach executed unauthorized trades, made material misrepresentations concerning commissions, made unsuitable recommendations, and caused them to miss out on opportunities. This case was settled for $24,000 in damages.
- In October 2017, he was officially sanctioned by FINRA. The findings in this matter state that he executed five unauthorized trades in a customer’s account while the customer was on vacation. Due to these allegations, he was fined $5,000, forced to pay $873.59 in disgorgement, and suspended from acting as a securities broker in any fashion for a period of one month.
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 Scott Wallach, 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.
