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

William Ornstein is a Florida based securities broker. He has worked in the securities industry for forty years. During his career, he has been registered with nine different securities firms.

His Registrations

  • Halpert, Oberst and Company (1976-1978)
  • Mclaughlin, Piven Inc. (1978)
  • Baird, Patrick & Co. (1978-1987)
  • First Monmouth Securities Corp. (1987-1989)
  • First Interregional Equity Corp. (1989-1997)
  • Rickel & Associates (1997)
  • Atlantic Group Securities (1997-1998)
  • Herbert J. Sims & Co. (2001)
  • The GMS Group (2001-Present)

The Allegations 

  • In June 1995, a customer alleged that William Ornstein recommended highly unsuitable investments and made material misrepresentations. This case was settled for $10,000 in damages.
  • In June 1998, a customer alleged that William Ornstein breached his fiduciary duty. This case was settled for $30,000 in damages.
  • In March 1999, a customer alleged that William Ornstein committed common law fraud, breached his fiduciary duty, made negligent misrepresentations, committed federal securities fraud, recommended unsuitable investments, managed their account negligently, and engaged in unjust enrichment. This case was settled for $30,000 in damages.
  • In October 2001, a customer alleged that William Ornstein made material misrepresentations and omissions of material facts about equipment leasing products and other securities. The customer also alleged that William Ornstein breached his fiduciary duty, committed fraud, and engaged in unjust enrichment. This case was settled for $10,000 in damages.
  • In November 2007, a customer alleged that her account was mishandled by William Ornstein. This case is currently pending. The customer is seeking $350,000 in damages.
  • In June 2009, a customer alleged that William Ornstein executed unauthorized trades, recommended unsuitable trades, breached his fiduciary duty, and made material misrepresentations. This case was settled for $675,000 in damages.
  • In November 2015, a customer alleged that William Ornstein committed fraudulent sales practices and over-concentrated their account in unsuitable securities. This case was settled for $36,750 in damages.
  • In February 2019, a customer alleged that William Ornstein managed their account negligently, made material misrepresentations, breached his fiduciary duty, and exploited them. This case is currently pending. The customer is seeking $250,000 in damages.

What Does This Mean?

Securities brokers are a brand of financial advisor known as fiduciaries. As fiduciaries, securities brokers have a legal obligation to always act in their customer’s best financial interests. This obligation is also known as their fiduciary duty. This duty is necessary for the professional relationship between brokers and investors to thrive. Investors need to trust the individual they are leaving their money with or else everything falls apart. Brokers who breach their fiduciary duty work toward the erosion of that trust, which may contribute to the eventual downfall of the broker/investor relationship.

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 Ornstein, 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.