Larry Wolfe Allegedly Exploits Elderly Person

HJ Sims Broker Larry Wolfe Apparently Commits Elder Exploitation

Soreide Law Group is reviewing possible investor claims against securities broker Larry Charles Wolfe [CRD#: 502361, Boca Raton, Florida]. Notably, Financial Industry Regulatory Authority ("FINRA") BrokerCheck discloses that at least 16 clients disputed the sales practices of the securities broker, who worked for HJ Sims and Aegis Capital Corp. Notably, clients of Wolfe indicate that he breached a fiduciary duty and acted negligently and deceptively, causing their losses. Here is a brief summary of the troubling disclosures about Wolfe’s allegedly unauthorized and unsuitable transactions:

HJ Sims Client Indicates That Larry Wolfe Was Deceptive

Evidently, on April 27, 2018, an HJ Sims client filed FINRA Arbitration #: 18-01510 concerning Larry Wolfe. Mainly, the client asserted that Wolfe breached a fiduciary duty, placing his interests ahead of the client’s interests with regard to securities transactions. Allegedly, the broker also deceived the client and falsified important investment information such as the risks or the terms of junk bonds and structured notes. Supposedly, Wolfe also engaged in transactions that the securities firm did not monitor. As a result, on November 18, 2019, HJ Sims resolved this issue through paying the client $40,000.

Wolfe Apparently Commits Elder Exploitation

Evidently, on April 20, 2016, an HJ Sims client filed FINRA Arbitration #: 16-01153 about Larry Wolfe. Allegedly, the securities broker exploited the client based on the client’s age, violating Florida Statute 825.103. Moreover, the claim alleges breach of contract, breach of fiduciary duty, fraud and negligence relating to the client’s bond investments. Evidently, on April 15, 2019, a FINRA Arbitration Panel granted $480,000 in damages, finding Wolfe and HJ Sims jointly liable.

HJ Sims Client Suggests That Larry Wolfe Made Unauthorized Trades

Evidently, a client of HJ Sims contested Larry Wolfe’s actions by placing FINRA Arbitration #: 19-00824 on April 11, 2019. Namely, Wolfe bought or sold investments without the client’s permission. Not only that, but the broker also purportedly made inappropriate structured notes transactions. These structured products were seemingly inconsistent with the client's goals, risk tolerance or other criteria relating to suitability. It also appears that the corporate bonds and structured notes that Wolfe possibly recommended or sold had caused the client to experience losses. Consequently, the client made a claim for compensatory damages from HJ Sims or Wolfe in the amount of $260,000 in this ongoing matter.

FINRA Bars Wolfe

Apparently, on February 5, 2018, FINRA barred Larry Wolfe for his failure to answer to FINRA’s requests. Also, in 2017, the watchdog suspended him and fined him $5,000 for discretionary trading. It appears that Wolfe sold investments in multiple clients’ accounts without authorization.

Losses From HJ Sims Securities Broker Larry Wolfe?

Have you experienced losses by investing with Larry Wolfe? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of securities brokers like Wolfe and his employing brokerage firms.