Securities broker, Eric Weschke, is currently being investigated by the law firm Oakes & Fosher for possible negligence and/or misconduct. According to his publicly available FINRA BrokerCheck report, Eric Weschke has received multiple complaints over the course of his career from a variety of different customers.

Eric Weschke is currently working as a New York based securities broker. He has worked in the securities industry for twenty years. During his career, he has been registered with six different securities firms.

His Registered Broker-Dealers

  • Tasin & Company (1994-2000)
  • Self Trading Securities (2000-2002)
  • Equity Services (2003-2004)
  • Alternative Wealth Strategies (2007-2011)
  • Harrison Douglas (2011)
  • Kalos Capital (2011-Present)

The Allegations

  • In August 1998, a customer alleged unauthorized use of margin. This case was settled for $20,000 in damages.
  • Also in August 1998, a customer alleged Eric Weschke made unsuitable investment recommendations that were too aggressive for her financial stature. This case was settled for $33,998 in damages.
  • In October 1998, a customer alleged that Eric Weschke invested them in speculative securities. This case was settled for $25,000 in damages.
  • In December 1998, a customer alleged unsuitable investment recommendations and unauthorized use of margin. This case was settled for $60,000 in damages.
  • Also in December 1998, a customer alleged unsuitable use of margin. This case was settled for $47,500 in damages.
  • In June 1999, a customer alleged that Eric Weschke executed unsuitable trades. This case was settled for $50,000 in damages.
  • In March 2000, a customer alleged that Eric Weschke executed unauthorized purchases. This case went to arbitration where the customer was awarded $500,000 in damages.
  • In February 2019, a customer alleged that Eric Weschke breached his fiduciary duty and made unsuitable investment recommendations. This case is currently pending. The customer is seeking $200,000 in damages.

What Does This Mean?

Securities brokers, like Eric Weschke, have both a fiduciary duty and legal obligation to act in the best interests of their customers. Brokers are required to recommend to investors only securities that are suitable for them. This suitability is determined by the customers’ investment objectives, financial situation, and liquidity needs. Most investors rely heavily on their brokers as it is usually difficult for them to determine whether or not investments would be suitable or unsuitable for them.

How Can We Help?

Many investors are unaware of the legal recourse available to them after losing money due to stock broker negligence or fraud. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Eric Weschke, please contact Oakes & Fosher for a free and private consultation.