The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Stephen Wolferman. According to his publicly available FINRA BrokerCheck report, Stephen Wolferman has been the subject of multiple customer disputes over the course of his career.

Stephen Wolferman is a New Jersey-based securities broker. He has worked in the securities industry for forty-eight years. During his career, he has been registered with five different securities firms.

His Registrations

  • E.F. Hutton & Company (1971-1974)
  • Bear, Stearns & Co. (1974-1979)
  • L.F. Rothschild, Unterberg, Towbin (1979-1981)
  • Drexel Burnham Lambert Incorporated (1981-1984)
  • Merrill Lynch (1984-Present)

The Allegations

  • In March 2008, a customer alleged that Stephen Wolferman made material misrepresentations about the safety and liquidity of Auction Rate Securities and that Wolferman made unsuitable investment recommendations. This case was settled for $175,000 in damages.
  • In March 2008, another customer alleged that Stephen Wolferman made material misrepresentations regarding the liquidity of Auction Rate Securities. This case was settled for $25,000 in damages.
  • In April 2009, another customer filed a complaint based on the sale of illiquid Auction Rate Securities. This complaint was settled for $75,000 in damages.
  • In December 2017, a customer alleged that Stephen Wolferman recommended unsuitable investments. This case was settled for $80,000 in damages.

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 Stephen Wolferman, 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.