Former Herbert J. Sims & Co. investment broker Larry Charles Wolfe
is facing allegations of unauthorized trading, unsuitable recommendations,
fraudulent misrepresentations and omissions, negligence, breach of fiduciary
duty and churning. Wolfe is currently with Stoever, Glass & Co., but
the misconduct allegations stem from actions while he was at Herbert J.
Sims & Co.
Larry Wolfe is registered in a number of states, including Florida, where
the bulk of the pending allegations took place from 2000 to 2015. Thirty
nine previous customer disputes against him for his work at Florida brokerage
Herbert J. Sims & Co. were settled between November 10-16, 2015. The
disputes alleged that Larry Wolfe exercised discretion in 39 of his customers’
accounts without obtaining written authorization. He agreed to a fine
and suspension and was fired from the brokerage.
According to recent client complaints, Larry Wolfe has engaged in unauthorized
trading, unsuitable recommendations, fraudulent misrepresentations and
omissions, negligence, breach of fiduciary duty. Clients allege damages
ranging from $100,000 to $1.5 million.
Brokers have a duty to provide investors with an adequate amount of material
facts about their purchase of an investment or security. This information
should include the nature and the quality of the investment and the degree
of risk involved.
Failure to provide clients with sufficient information or providing false
or misleading information can make a broker liable to their client.
All brokers must adhere to a standard of care for their clients. This means
that they have a duty to diligently monitor client accounts and inform
their clients of the consequences of their actions while trading.
If a broker does not reasonably and prudently manage their clients’
investments, they can be found negligent if the client suffers any losses.
If you believe you have been the victim of stockbroker misconduct, you
may be entitled to compensation. Contact the experienced investment fraud
attorneys at Meyer Wilson today for a
free and confidential case evaluation.