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Larry Charles Wolfe Under Investigation for Broker Misconduct

Former Herbert J. Sims & Co. investment broker Larry Charles Wolfe is facing allegations of unauthorized trading, unsuitable recommendations, fraudulent misrepresentations and omissions, negligence, breach of fiduciary duty and churning. Wolfe is currently with Stoever, Glass & Co., but the misconduct allegations stem from actions while he was at Herbert J. Sims & Co.

Larry Wolfe is registered in a number of states, including Florida, where the bulk of the pending allegations took place from 2000 to 2015. Thirty nine previous customer disputes against him for his work at Florida brokerage Herbert J. Sims & Co. were settled between November 10-16, 2015. The disputes alleged that Larry Wolfe exercised discretion in 39 of his customers’ accounts without obtaining written authorization. He agreed to a fine and suspension and was fired from the brokerage.

According to recent client complaints, Larry Wolfe has engaged in unauthorized trading, unsuitable recommendations, fraudulent misrepresentations and omissions, negligence, breach of fiduciary duty. Clients allege damages ranging from $100,000 to $1.5 million.

Misrepresentation

Brokers have a duty to provide investors with an adequate amount of material facts about their purchase of an investment or security. This information should include the nature and the quality of the investment and the degree of risk involved.

Failure to provide clients with sufficient information or providing false or misleading information can make a broker liable to their client.

Broker Negligence

All brokers must adhere to a standard of care for their clients. This means that they have a duty to diligently monitor client accounts and inform their clients of the consequences of their actions while trading.

If a broker does not reasonably and prudently manage their clients’ investments, they can be found negligent if the client suffers any losses.

If you believe you have been the victim of stockbroker misconduct, you may be entitled to compensation. Contact the experienced investment fraud attorneys at Meyer Wilson today for a free and confidential case evaluation.

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The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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