WARNING! Robert Batchen, Wells Fargo Advisors, and Uhlmann Price Securities
Have you lost money with financial advisor Robert Batchen of Wheeling, Illinois? We are continuing our investigation into allegations made the Illinois Securities Department, against Robert J. Batchen. The Illinois Securities Department revoked Batchen’s securities license after he failed to respond to an investigation. Illinois was investigating Robert Batchen after he failed to file his tax returns in Illinois for 2012, 2013, and 2014.
Batchen was recently the subject of an investigation by FINRA (the Financial Industry Regulatory Authority). In October 2016, FINRA suspended Batchen from the securities industry for allegations that he made discretionary trades in a customer’s account without written permission from the customer. He was also alleged to have made unsuitable trades in non-traditional ETFs (inverse and leveraged ETFs) in his customer’s account. To settle these allegations, Batchen agreed to a five-month suspension and a $15,000 fine.
Robert Batchen was a financial advisor and registered representative of Wells Fargo Advisors, Inc. from January 2008 to September 2012 and with Uhlmann Price Securities from September 2012 to Octboer 2015. He worked at a branch office in Skokie, Illinois and lived in Wheeling. Batchen has been the subject of at least four customer complaints, alleging unsuitable and unauthorized trades. He was also terminated by both Wells Fargo Advisors and Uhlmann Price Securities.
Brokerage firms like Wells Fargo Advisors and Uhlmann Price Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms 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 and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Illinois. Attorneys Aaron Israels and David Neuman are both licensed to practice law in Illinois, and David Neuman lived most of his life in the Chicago area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Wells Fargo Advisors.
Click to view: Batchen, Robert FINRA AWC
Click to view: Batchen, IL ORDER
Click to view: Batchen, BrokerCheck 6.2.16
HAVE YOU LOST MONEY WITH ROBERT BATCHEN, WELLS FARGO ADVISORS, OR UHLMANN PRICE SECURITIES?
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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.