Silver Oak Securities, Incorporated (“Silver Oak Securities”) (CRD#46947) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Silver Oak Securities, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you believe you have a claim against Silver Oak Securities, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
Can I Sue Silver Oak Securities?
If you’ve lost money caused by Silver Oak Securities and/or its employees’ misconduct then the answer is, YES, you can sue Silver Oak Securities but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Silver Oak Securities in FINRA arbitration proceedings but WIN that arbitration. The easiest way to know if you have a viable case against Silver Oak Securities is to call Attorney Pearce at our office at 800-732-2889.
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
What is Silver Oak Securities?
Silver Oak Securities (CRD#46947)is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, Silver Oak Securities is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests. A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
Silver Oak Securities Has Many Different Regulatory Problems
Silver Oak Securities’ rapid growth has not been without consequences. There have been approximately 5 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against Silver Oak Securities for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Silver Oak Securities is a repeat offender with multiple state regulatory agency and FINRA-reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems Silver Oak Securities Has Faced Over the Years*
Silver Oak Securities has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Connecticut Sanctions Silver Oak For Alternative Investment Lapses
Brief Overview: In 2016, the Connecticut Banking Commissioner entered an order related to certain firm irregularities and deficiencies involving recordkeeping related to the sale of alternative investments, the firm’s supervisory system, use of signature stamps, and employment of unregistered investment advisers. As a result, the firm implemented new supervisory and compliance procedures responsive to the issues raised, ordered to cease-and-desist for many further violations and was fined $35,000.
Silver Oak Sanctioned For Operating In Nevada Without License
Brief Overview: Prior thereto, the State of Nevada fined Silver Oak Securities for failure to register one of its branch offices in the State.
FINRA Sanctions Silver Oak For Non-Traditional ETF Sales Supervision Violations
Brief Overview: FINRA sanctioned Silver Oak Securities with respect to the offer and sale of non-traditional ETFs to the firm’s customers. FINRA found in its investigation that the brokerage firm failed to adequately conduct any “reasonable basis” suitability analysis of the products themselves before allowing its representatives to offer and sell the securities to the public. Silver Oak Securities failed to monitor the transactions involving non-traditional ETF’s, including the tracking of the volume of customers’ holdings in the securities, as well as tracking the length of time open positions were maintained in those non-traditional ETFs, and any resulting unrealized losses. Nor did the firm impose any limitations on trading or holding the non-traditional ETF’s. FINRA censured and fined Silver Oak Securities for this misconduct in violation of FINRA Conduct Rule 2010.
*Above are only some of the regulatory disciplinary actions filed against Silver Oak Securities by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for 2 more BrokerCheck disclosures.
Silver Oak Securities Customer Complaints
There have been scores of customer complaints filed against Silver Oak Securities stockbrokers and investment advisors over the years. We have launched many investigations of current and former Silver Oak Securities advisors:
- William Riley Formerly With Silver Oak Securities
- Benjamin Fuchs formerly with Silver Oak Securities, Incorporated
- Douglas Miller formerly with Silver Oak Securities, Incorporated
- Eric Hogarth formerly with Silver Oak Securities, Incorporated
- Heath Grossman formerly with Silver Oak Securities, Incorporated
- Joel Johnson formerly with Silver Oak Securities, Incorporated
- Christopher Watkins of Silver Oak Securities, Incorporated
- George Gardner III of Silver Oak Securities, Incorporated FIRED
If you have lost money investing with any of these Silver Oak Securities advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.
Why Does Silver Oak Securities Have So Many Regulatory Problems And Customer Complaints?
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.
These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.
Did Silver Oak Securities Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Silver Oak Securities is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Silver Oak Securities without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By Silver Oak Securities Today!
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Silver Oak Securities cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
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