Originally reported on January 8, 2022 @ 2:37 am
Robert Arthur Wilson – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Robert Arthur Wilson.
BrokerComplaints.com is currently investigating allegations related to Robert Arthur Wilson. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Robert Wilson
Robert Arthur Wilson is an Investment Adviser. Robert Arthur Wilson’s Central Registration Depository (CRD) number is 1447213 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/1447213.
Click here to download a Detailed Audit Report for Robert Arthur Wilson.
Robert Arthur Wilson has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Robert Arthur Wilson’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 8/4/2017
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Allegations: IA Release 40-4739, Investment Company Act of 1940 Release 32776 / August 4, 2017: The Securities and Exchange Commission (Commission) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Sections 203(e), 203(f), and 203(k) of the Investment Advisers Act of 1940 (Advisers Act) and Section 9(b) of the Investment Company Act of 1940 (Investment Company Act) against Black Diamond Asset Management LLC (Black Diamond) and Robert Wilson (Wilson) (collectively espondents). After an investigation, the Division of Enforcement alleges that in 2015, Wilson registered Black Diamond with the Commission as an investment adviser. In the initial Form ADV registration statement Wilson signed on Black Diamond’s behalf-as its managing member, chief compliance officer (CCO), and chief investment officer-Wilson claimed that Black Diamond held over $583 million in assets under management and at least 26 discretionary accounts. In reality, Black Diamond has never obtained any advisory clients, has never held any assets under management, and has never met the minimum requirements for investment adviser registration with the Commission. Through this and similar conduct, Wilson and Black Diamond violated anti-fraud and other provisions of the Advisers Act. As a result of the conduct described, Respondents Wilson and Black Diamond willfully violated Sections 206(1) and 206(2) of the Advisers Act, which prohibits fraudulent conduct by an investment adviser. As a result of the conduct described, Respondents Wilson and Black Diamond willfully violated Section 207 of the Advisers Act which makes it unlawful for any person willfully to make any untrue statement of material fact in any registration application or report filed with the Commission under the Advisers Act ? or willfully to omit to state in any such application or report any material fact which is required to be stated therein. As a result of the conduct described, Respondent Black Diamond willfully violated Section 203A of the Advisers Act which prohibits an adviser egulated or required to be regulated in the [state in which it maintains its principal office and place of business from registering with the Commission, unless it has assets under management of not less than $25,000,000?.or?is an adviser to an investment company registered under the Investment Company Act. As a result of the conduct described above, Respondent Wilson willfully aided and abetted and caused Black Diamond’s violations of Sections 203A, 206(1), 206(2), and 207 of the Advisers Act.
- Resolution: Order
- Sanction Details :: Sanctions: Bar (Permanent)
- Sanction Details :: Registration Capacities Affected: Any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO
- Duration: Indefinte
- Duration Explanation: right to apply for reentry after 3 years
- Start Date: 12/21/2018 Sanctions: Cease and Desist Sanctions: Prohibition
DISCLOSURE 2 –
- Event Date: 1/10/1991
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA: C06900033 (TEX 808)
- DocketNumberAAO: 06900033808
- Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS
- Allegations: 06/25/01GS: CASE ID. C06900033 (TEX-808) FILED JANUARY 10, 1991 BY DISTRICT NO. 6 AGAINST RESPONDENT ROBERT ARTHUR WILSON ALLEGING VIOLATIONS OF ARTICLE III, SECTIONS 1 AND 40 OF THE RULES OF FAIR PRACTICE IN THAT RESPONDENT WILSON PARTICIPATED IN PRIVATE SECURITIES TRANSACTIONS WITHOUT PROVIDING PRIOR WRITTEN NOTICE TO HIS MEMBER FIRM.
- Resolution: Decision & Order of Offer of Settlement
- Sanction Details :: Sanctions: Monetary/Fine
- Sanction Details :: Amount: $1,000.00 Sanctions: Censure Sanctions: Suspension
- Sanction Details: DECISION RENDERED MAY 3, 1991, CASE ID. C06900033 (TEX-808), WHEREIN THE OFFER OF SETTLEMENT SUBMITTED BY RESPONDENT WILSON WAS ACCEPTED; THEREFORE, HE IS CENSURED, FINED $1,000 AND SUSPENDED FROM ASSOCIATION WITH ANY MEMBER OF THE NASD IN ANY CAPACITY FOR TWO WEEKS. 6/3/91 PRESS RELEASE: THE SUSPENSION WILL COMMENCE JUNE 3, 1991 AND WILL CONCLUDE JUNE 14, 1991. ***$1,000.00 PAID ON 5/3/93, RESCINDED REV. 6/1/93 (FULLY PAID AS OF 5/3/93).***
- Broker Comment: CENSURED, FINED $1,000 AND SUSPENDED FROM ASSOCIATION WITH ANY MEMBER OF THE NASD IN ANY CAPACITY FOR TWO (2) WEEKS. THE FINE WAS PAID ON 5/3/93. THE SUSPENSION COMMENCED ON 6/14/91.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- SHAMROCK FINANCIAL SERVICES (CRD#: 30998) :: 3/17/1995 – 5/22/1995 :: LAKE SUCCESS, NY
- KIRLIN SECURITIES INC. (CRD#: 21210) :: 3/21/1994 – 7/29/1994 :: SYOSSET, NY
- THE INVESTMENT CENTER, INC. (CRD#: 17839) :: 4/12/1989 – 2/17/1990 :: BEDMINSTER, NJ
- ADVANTAGE CAPITAL CORPORATION (CRD#: 146) :: 1/10/1989 – 3/18/1989 :: ATLANTA, GA
- PRUDENTIAL-BACHE SECURITIES INC. (CRD#: 7471) :: 8/8/1988 – 9/30/1988 :: NEW YORK, NY
- THOMSON MCKINNON SECURITIES INC. (CRD#: 829) :: 2/9/1987 – 7/26/1988 :: NEW YORK, NY
- FIRST AMERICAN NATIONAL SECURITIES, INC. (CRD#: 10111) :: 11/5/1986 – 2/6/1987 :: DULUTH, GA
- BLINDER, ROBINSON & CO.,INC. (CRD#: 5096) :: 1/22/1986 – 11/6/1986
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Robert Arthur Wilson, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Robert Wilson
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Robert Arthur Wilson – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (1447213) for the broker – Robert Arthur Wilson
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.
The views and opinions expressed in these articles are those of the source BrokerComplaints.com and do not necessarily reflect the official position of ‘The Skeptic Files,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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