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

William B. Baum is a Kansas based securities broker. He has worked in the securities industry for thirty-three years. During his career, he has been registered with six different securities firms.

His Registrations

  • M.L. Stern & Co. (1985-1986)
  • General Securities Corp. (1987-1992)
  • Dain Bosworth Incorporated (1992-1994)
  • George K. Baum & Company (1994-1998)
  • First Union Securities (1998-2001)
  • Great American Investors (2001-Present)

The Allegations

  • In May 1990, a customer alleged that William B. Baum executed unsuitable transactions. This case was settled for $35,000 in damages.
  • In March 2016, customers alleged that William B. Baum mismanaged their account concerning securities concentration and trading frequency. This case was settled for $112,500 in damages.
  • In May 2016, a customer alleged that William B. Baum did not act in their best financial interests when managing his account. This case was settled for $30,000 in damages.
  • In July 2017, William B. Baum was officially sanctioned by FINRA. The findings in this matter state that Baum circumvented his firm’s supervisory system by communicating with customers through secret text messages. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of thirty days.
  • In May 2019, customers alleged that William B. Baum recommended unsuitable trading strategies. This case is presently pending with the customers seeking an undisclosed amount in damages.
  • In September 2019, customers alleged that William B. Baum failed to recommend appropriate investments, failed to disclose conflicts of interests, and failed to fully disclose the risks associated with the investments. This case is currently pending. The customer is seeking $87,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always act in their best financial interests. The main part of this is putting in the work to determine what investments are suitable for their customers. Brokers like William B. Baum can determine suitability by looking at factors like the customer’s age, annual income, investment objectives, risk tolerance, liquidity needs, and financial situation. This is the most important aspect of a broker’s job. When investors become invested in securities that are unsuitable for them, it can cause them serious financial detriment.

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 B. Baum, 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.