The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker William Michael Robertson. According to his publicly available FINRA BrokerCheck report, William Michael Robertson has been the subject of multiple customer disputes.

William Michael Robertson was a Texas based securities broker. He worked in the securities industry for forty years. During his career, he was registered with four different securities firms.

His Registrations

  • Bache & Co. (1976-1981)
  • Dean Witter Reynolds (1981-1994)
  • D.E. Frey & Company (1994-2000)
  • First Allied Securities (2000-2016)

The Allegations

  • In October of 1990, a customer alleged that William Michael Robertson made material misrepresentations and made unsuitable recommendations regarding several mutual funds & limited partnerships. This case was settled for $45,000 in damages.
  • In July 2009, customers alleged that William Michael Robertson churned their account, engaged in unauthorized trading, recommended unsuitable securities, and engaged in a reckless use of margin. This case was settled for $110,000 in damages.
  • In January 2018, customers alleged that between 2008 and 2014 William Michael Robertson recommended unsuitable investments and failed to disclose risks associated with said investments. This case was settled for $3.5 million in damages.
  • In September 2018, a customer alleged that William Michael Robertson recommended unsuitable investments, breached his fiduciary duty, breached contract, and handled their account negligently. This case was settled for $8,000 in damages.

What Does This Mean?

One of the most notable allegations levied against William Michael Robertson was that he failed to adequately disclose the risks associated with investments. Securities brokers have an obligation to their customers to always act in their best financial interests. A major part of this means always being upfront with customers about potential investments. When a securities broker recommends an investment to a customer without disclosing all of the associated risks, it can lead to serious financial harm to the investor. It does not matter if the broker left the information out on purpose or by accident as it can still lead to investors making financial decisions based on misinformation.

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 Michael Robertson, please contact Oakes & Fosher for a free and private consultation.