In September, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Robert W. Baird of Milwaukee, Wisconsin submitted an acceptance, waiver and consent letter regarding its failure to supervise a registered representative and correct a trading error that lead to a $34,000 loss in a customer’s account.
FINRA’s allegations against Robert W. Baird concerned the firm’s failure to investigate red flags indicating that a registered rep had allocated a $34,000 trading error to a customer, rather than to the firm. A Baird supervisor approved of the allocation until the customer complained, which lead to the firm reimbursing the customer for the mistake. FINRA also found that the firm did not establish and maintain written supervisory procedures to properly investigate and correct trading errors.
Registration and disciplinary history
In order to lawfully sell investments to the public, a firm must either be registered or exempt from registration. Robert W. Baird is a Wisconsin corporation formed in 1919 and registered with FINRA, the SEC and in 53 states and territories.
According to FINRA’s CRD disclosure report, Robert W. Baird has been the subject of thirty four customer complaints and thirty six regulatory investigations.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues. Typical claims that we are asked to review involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.