The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Wesley Foltz. According to his publicly available FINRA BrokerCheck report, Welsey Foltz has been the subject of a FINRA sanction and multiple customer disputes.

Wesley Foltz was a Louisiana based securities broker. He worked in the securities industry for fifteen years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Capital One Investments (2003-2007)
  • LPL Financial (2007-2011)
  • Prospera Financial Services (2011-2018)

The Allegations

  • In October 2018, Wesley Foltz was officially sanctioned by FINRA. The findings in this matter state that he recommended certain L-share variable annuities to his customers even though there was no reasonable basis to believe that these recommendations were suitable. Due to these alleged actions, he was fined $7,500 and suspended from acting as a securities broker for a period of thirty days.
  • In November 2018, a customer alleged that Wesley Foltz purchased unsuitable non-traded REITs for him. This case is currently pending. The customer is seeking $5,000 in damages.
  • In February 2019, a customer alleged that Wesley Foltz recommended highly unsuitable non-traded REITs.

Non-Traded REITs

Non-traded REITs, or real estate investment trusts, are privately traded securities not sold on public securities exchanges. They are highly speculative and illiquid investments that are highly unsuitable for investors. Many securities brokers only recommend them because of the excessively high commissions they receive when doing so. These fees not only create an undue conflict of interest, but also lower an investor’s principal investment substantially. Yet another aspect that adds to its unsuitability.

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 Wesley Foltz, 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.