June 2019 – Skokie, IL
According to publicly available records, former Uhlmann Price Securities broker Robert James Batchen discloses prior regulatory events, 4 prior customer disputes and 2 terminations from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 11/2016, FINA suspended Batchen for 5 months and assessed a fine of $15,000 to resolve allegations that Batchen effected discretionary trades in the accounts of a customers. Although the customer was aware of the trading, Batchen did not obtain prior written authorization from the customer to exercise discretionary power in the accounts and the firm did not accept the accounts for discretionary trading. The findings also stated that Batchen effected unsuitable purchases for the customer’s accounts which did not comport with the customer’s financial situation, conservative investment objectives and moderate tolerance for risk.
In September of 2015, the Illinois Department of Revenue filed case #1300130 alleging that Batchen failed to file his tax returns with the Illinois Department of Revenue for tax years 2012, 2013 and 2014.
In 12/ 2013, FINRA case 13-02485 was filed on behalf of a Wells Fargo Advisors customer alleging unsuitable and unauthorized trading. That case was settled for $250,000.
In July of 2012, a customer of Wells Fargo Advisors, alleged the client was sold investments that were not suitable given her age and risk tolerance. That case settled for $135,000.
In September of 2015 Robert Batchen was permitted to resign from Uhlmann Price Securities where he had been employed since September of 2012, for failure to notify firm of FINRA reportable events.
In August of 2012 Robert Batchen voluntarily resigned from Wells Fargo Advisors where he had been since January of 2008, after allegations of trading without authorization.
If you have questions about an investment account handled by Robert Batchen, contact us for a no charge consultation to learn about your legal options for recovery of damages.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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