John Oldham from Wautoma, Wisconsin Suspended by FINRA
Have you lost money with financial advisor John Oldham from Wautoma, Wisconsin? We are currently investigating allegations made against John C. Oldham, who previously worked with NPB Financial Group. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Mr. Oldham, alleging that he entered into an arrangement with an investment advisor (IA) to sell to invest in alternative investments like non-traded REITs (real estate investment trusts) and business development companies (or BCDs).
FINRA alleged that during 2014 and 2015, John Oldham facilitated the sales of 99 alternative investments to 50 customers referred to him by the IA. Oldham then shared commissions with the IA, in violation of FINRA rules, since the IA was not registered as a broker-dealer. To settle these allegations, Oldham agreed to a three-month suspension and a $5,000 fine.
John Oldham was a registered representative and financial advisor of NPB Financial Group from May 2014 to September 2015. He was also affiliated with Center Street Securities from September 2015 to October 2016. Oldham worked at branch offices in Wautoma, Wisconsin.
Broker-dealers like NPB Financial Group have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and the Seattle area. We represent investors in FINRA arbitration in all 50 states, including investors from Wisconsin and throughout the Midwest.
Click to view: Oldham, John BrokerCheck 4.5.17
Click to view: Hoffman, Clay FINRA Order
If you lost money with John Oldham or NPB Financial Group, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.