The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker William Eugene Riley Jr. According to his publicly available FINRA BrokerCheck report, William Eugene Riley Jr. has been the subject of multiple customer disputes.
William Eugene Riley Jr. was a Texas-based securities broker. He worked in the securities industry for thirty-two years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Philadelphia Life Asset Planning Company (1986)
- USLife Equity Sales Corp (1986-1990)
- AMEV Investors (1990-1991)
- Jefferson-Pilot Investor Services (1991-1993)
- Merrill Lynch (1993-1998)
- J.C. Bradford & Co. (1998-2000)
- UBS Painewebber (2000-2002)
- Raymond James & Associates (2002-2008)
- Silver Oak Securities (2008-2018)
The Allegations
- In May 1999, a customer alleged that William Eugene Riley Jr. made material misrepresentations, engaged in unauthorized trading, and recommended unsuitable securities. The customer reported damages of $1,000,000. This case was settled for $50,000.
- In March 2002, a customer alleged that William Eugene Riley Jr. executed unauthorized trades, recommended unsuitable investments, and violated Oklahoma securities laws. This case was settled for $65,000.
- In May 2003, a customer alleged that William Eugene Riley Jr. failed to follow instructions. This case was settled for $100,000.
- In June 2018, William Eugene Riley Jr. was allowed to resign from his position at Silver Oak Securities. This was due to allegations that he failed to submit websites for review and approval before he launched them. This was a violation of Silver Oak Securities’ policy.
- In July 2018, a customer alleged that William Eugene Riley Jr. recommended unsuitable securities and breached his fiduciary duty. This case is currently pending. The customer is seeking $600,000 in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their best financial interests. This obligation is also referred to as a fiduciary duty. This duty is the entire reason that the relationship between brokers and investors even exists. Individuals would not be able to leave their money with another individual if they did not trust that it would be taken care of. This trust only exists because brokers like William Eugene Riley Jr. are bound by that fiduciary duty to put the customer first. Securities brokers who breach their fiduciary duty, work toward the erosion of that trust and to a possible downfall of the investor/broker relationship as we know it.
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 William Eugene Riley Jr., 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.
