The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker William F. Fox. According to his publicly available FINRA BrokerCheck report, William F. Fox has been the subject of multiple customer disputes over the course of his career.
William F. Fox is a Texas based securities broker. He has worked in the securities industry for thirty-three years. During his career, he has been registered with two different securities firms.
- New England Securities (1986-2014)
- First Allied Securities (2014-Present)
- In March 2016, a customer alleged that William F. Fox recommended they invest in highly unsuitable non-traded REITs. This case was settled for $70,000 in damages.
- In November 2019, customers alleged that William F. Fox made highly unsuitable private placement recommendations that included non-traded REITs, equipment leasing funds, oil and gas programs, as well as annuities. The customers further alleged that William F. Fox made material misrepresentations about these securities. This case is currently pending.
What Does This Mean?
Non-traded REITs, also known as real estate investment trusts, are privately traded securities not sold on any public exchanges. Because of this, it is very difficult for securities firms and regulatory authorities to regulate these products. Many brokers utilize this fact as it helps them misrepresent non-traded REITs as safe and lucrative investments. The truth is that non-traded REITs are highly speculative, illiquid investments accompanied by excessively high upfront fees that drain principal investments and drastically lower investor chances of seeing investment returns.
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 F. Fox, 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.