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

Wolf Popper was a New York based securities broker. He worked in the securities industry for fifty-eight years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Travelers Equities Sales (1975-1987)
  • PMG Securities (1994-1995)
  • Madison Capital Markets (1961-1998)
  • Wap, Inc. (2000-2001)
  • Wolf A. Popper, Inc. (1998-2019)
  • J.H. Darbie & Co. (2005-2019)

The Allegations

  • In February 2011, a customer alleged that Wolf Popper recommended an unsuitable trading strategy. This case was settled for $13,800 in damages.
  • In April 2015, a customer alleged that Wolf Popper made unsuitable investments in her account that went against her previously stated investment objectives. This case was settled for $160,000 in damages.
  • In April of 2018, Wolf Popper was sanctioned by FINRA. The findings in this matter sate that Popper made and sent retail communications concerning an investment strategy to various customers–the strategy being the purchase of variable annuities. The specific communications he sent out directly violated FINRA’s rules due to them inaccurately describing the investment strategy as “no cost.” The findings go on to state that Wolf Popper recommended to these customers that they withdraw money from their home’s equity. They could do this by either obtaining a second mortgage or just refinancing. The customers could then use the newly obtained liquid funds to purchase the variable annuity. Doing this had no up-front charges; however, the variable annuity, as well as policy riders the customers would purchase along with the variable annuity meant to provide both immediate income and guarantee future minimum income levels, would result in fees charged to the customer that would be deducted during the life of the investment. FINRA determined that the communications sent by Popper regarding the variable annuities provided inadequate information regarding the fees that come with the purchase of a variable annuity. Popper compared investing in variable annuities to IRA’s and 401(K)’s without letting the customers know what the actual differences between the products were. For his actions, Wolf Popper was fined $5,000. He was also suspended by FINRA from acting as a broker in any fashion for a period of thirty days.

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 Wolf Popper, or Wolf A. Popper Incorporated, 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.