The securities and investment fraud law firm of Fitapelli Kurta is currently investigating claims against The Oak Ridge Financial Services Group, Inc. and its’ brokers.
The Oak Ridge Financial Services Group is a broker-dealer firm incorporated in Minnesota. They are registered with both the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Their main office location is in Golden Valley, Minnesota, with offices in almost all 50 states.
Oak Ridge Financial has a long history of customer complaints and arbitrations with FIRNA. In fact, Oak Ridge Financial’s BrokerCheck Report indicates they have six regulatory events (usually in the form of customer complaints) and two arbitrations. Notably, the following complaints have been filed against Oak Ridge or one of its’ brokers:
- A customer dispute is currently pending against Oak Ridge Financial broker, Daniel L. Rhode for unauthorized trading and misrepresentation. In that case, the customer is seeking $100,000 in damages.
- On June 16, 2014 Oak Ridge Financial was fined $10,000 by FINRA for failing to conduct any formal due diligence of non-traditional Exchange-Traded Funds (ETFs). Apparently, Oak Ridge did not provide any formal training to its brokers related to non-traditional ETFs, nor did it properly supervise its brokers on the execution of these trades.
- In February 2013, James D. Kallstrom was terminated from broker-dealer firm, Dougherty & Co. for failure to conform with sales practice policies. Kallstrom had eight prior customer complaints filed against him, even before this termination. Oak Ridge Financial, however, was quick to hire him immediately following his termination in 2013. Kallstrom is still currently employed as a broker for Oak Ridge Financial.
- In September, 2007 Oak Ridge Financial stockbroker, Jon E. Berg had a customer complaint filed against him alleging unstable trades in bonds. The customer requested $100,000 in damages and FINRA actually exceeded that amount and awarded approximately $188,000 to the customer.
- In August 2007, Oak Ridge Financial broker, Michael D. Leonard received a customer complaint alleging unsuitable investments, unauthorized trading, negligence and failure to supervise. The customer requested $115,000 in damages and FINRA again exceeded the request and awarded the customer around $188,000.
- On June 12, 2007 Oak Ridge Financial was fined $41,500 for failing to report certain transaction to TRACE, as required by FINRA rules.
If you or someone you know has lost money as a result of The Oak Ridge Financial Services, Inc., or one of its brokers, you may be entitled to compensation. The law provides a limited window of recovery in these actions, so do not wait. Contact the dedicated and experienced attorneys at Fitapelli Kurta today. Our firm prosecutes cases on behalf of investors nationwide on a contingency fee basis. If you don’t win, we don’t win. So do not delay. Call now for your free case evaluation.