Our investment attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against financial advisor Wayde Walker (Walker) currently registered with National Securities Corporation (National Securities), alleging unsuitable investments, fraud, breach of fiduciary duty, churning, and unauthorized trading among other claims. According to brokercheck records Walker has been subject to seven customer complaints and three tax liens.
In May 2016 Walker disclosed a tax lien of $42,132.72. In September 2015 Walker disclosed a tax lien of $110,255.57. Also in May 2015 Walker disclosed another tax lien of $39,257.39. A broker’s inability to pay debts may also be an indicator that a broker may solicit funds and loans from his clients or otherwise engage in other misconduct to raise funds to satisfy personal obligations.
In December 2015 a customer filed a complaint involving Walker alleging that the broker made unauthorized trades and misrepresented securities among other claims. The customer alleged $513,218.40 in damages. The claim is current pending.
Brokers in the financial industry have the fundamental responsibility to treat investors fairly. This obligation includes making only suitable investments for their client. The suitable analysis has certain requirements that must be met before the recommendation is made. First, there must be reasonable basis for the recommendation for the investment based upon the broker’s and the firm’s investigation and due diligence. Common due diligence looks into the investment’s properties including its benefits, risks, tax consequences, the issuer, the likelihood of success or failure of the investment, and other relevant factors. Second, if there is a reasonable basis to recommend the product to investors the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives. These factors include the client’s age, investment experience, retirement status, long or short term goals, tax status, or any other relevant factor.
Walker entered the securities industry in 1998. Since July 2008 Walker has been associated with National Securities out of the firm’s New York, New York office location.
According to a recent study conducted by the Securities Litigation and Consulting Group entitled “How Widespread and Predictable is Stock Broker Misconduct?” the incidents of investor harm at National Securities is extraordinarily high. The study ranked National Securities as the third worst brokerage firm finding that brokers at the firm had over a 31% misconduct rate. The study stated that investors should stay away from National Securities “Given their coworkers’ disclosure record as of 2014, 83.7% of the brokers at these six firms would be in the highest risk quintile as defined in the FINRA study and should be avoided by investors. The BrokerCheck reports for most of the brokers at these six firms should prominently display a skull and crossbones warning.”
Gana LLP’s securities fraud attorneys represent investors who have suffered securities losses due to the mishandling of their accounts due to claims of fraud and negligence. The majority of these claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.