The investment fraud law firm, Fitapelli Kurta, is investigating claims against broker-dealer Wilson-Davis & Co.
Wilson-Davis & Co. is a broker-dealer firm registered with both the SEC and FINRA. Wilson-Davis & Co.’s main office is located at 236 South Main Street, Salt Lake City, UT 84101. Wilson-Davis & Co. was formed in Utah in 1968 and has offices in all fifty states. Wilson-Davis & Co. has 47 regulatory events disclosed on its’ FINRA BrokerCheck Report.
- In April 2014 Wilson-Davis & Co. was fined $12,000 for failing to enforce written supervisory procedures. Specifically, Wilson-Davis & Co. failed to specify that transaction reports were part of Wilson-Davis & Co.’s review of customer transactions.
- In July 2013, Wilson-Davis & Co. was fined $27,500 for failing to provide customers with the price disclosed on trade confirmations was the reported trade price of the transactions. Additionally, Wilson-Davis & Co. falsely labeled short sale executions as long sale executions in the trading ledger. Wilson-Davis & Co. also failed to classify orders on numerous instances.
- In August 2012 Wilson-Davis & Co. was fined $22,000 for failing to submit correct order recipes to the Order Audit Trail System (OATS). Additionally, the report Wilson-Davis & Co. submitted to OATS included false information.
- In October 2011 Wilson-Davis & Co. was fined over $75,000. According to Wilson-Davis & Co.’s BrokerCheck Report, between January and November 206, Wilson-Davis & Co. one of its registered representatives sold more than two million unregistered shares of a thinly traded bulletin board security into various public markets on behalf of multiple customers. These sales resulted in almost $2.9 million dollars for the Wilson-Davis & Co. customers and around $177,000 in commissions for Wilson-Davis & Co.. These transactions, however, were a violation of section 5 of the Securities Act of 1933 which prohibits unregistered distributions of entity shares.
- In November 2010, Wilson-Davis & Co. was fined $10,000 for failing to prepare accurate customer trade confirmations. Wilson-Davis & Co. failed to notify customers in writing of the correct price and that the transactions had been executed at an average price.
- In September 2007, Wilson-Davis & Co. was fined $25,000 for failing to report accurate trade information through electronic blue sheets and failing to include a short sale indicator.
- A customer complaint is currently pending against Leslie Vincent Anderton, according to Leslie Vincent Anderton’s FINRA BrokerCheck Report. T he customer complaint, filed on October 13, 2014, alleged Leslie Vincent Anderton made unsuitable investment recommendations to an investor in 2008. The customer has also alleged negligence, failure to conduct due diligence, breach of fiduciary duty, misrepresentation and material omissions, as well as failure to supervise on the part of Wilson-Davis & Co.
- Current Wilson-Davis & Co. broker, Lyle W. Davis was sued by a customer who sought almost $30 million dollars in damages. The case eventually settled for $25,000 in the customer’s favor. In 1992 Lyle W. Davis was fined $5,000 by the National Associate of Securities Dealers. He was fined another $5,000 in 1990.
- Current Wilson-Davis & Co broker Patricia D. Hatch came to Wilson-Davis & Co after being terminated from her former firm UBS Financial Services in 2011. According to Patricia D. Hatch’s BrokerCheck Report, Patricia D. Hatch was terminated from UBS Financial Services after UBS discovered she had checked and completed boxes on documents after they were already completed by customers. Regardless of her termination, Patricia D. Hatch was hired by Wilson-Davis & Co and is currently a registered representative there.
If you or someone you know has lost money investing with Wilson-Davis & Co, Patricia D. Hatch, Lyle W. Davis, Leslie Vincent Anderton, or any other Wilson-Davis & Co broker, call the attorneys at Fitapelli Kurta today. You may be entitled to full recovery of your losses. Call now for your free consultation.