Robert James Batchen Fined and Suspended by FINRA

Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, December 2016.”
Robert James Batchen (CRD #2106288, Wheeling, Illinois)
was assessed a deferred fine of $15,000, and suspended by FINRA for five months for allegedly effecting discretionary trades in a client’s accounts.
FINRA’s findings stated that although the client was aware of the trading, Batchen did not obtain the client’s prior written authorization to exercise discretionary power in the accounts, and his member firm did not accept the accounts for discretionary trading.
Also, FINRA’s findings also stated that Batchen effected unsuitable purchases of leveraged and inverse exchange-traded funds (ETFs) (non-traditional ETFs) for the client’s accounts, which did not fit with the client’s financial situation, conservative investment objectives, and moderate tolerance for risk.
Batchen also allegedly effected the transactions without fully understanding each product, including that holding such products for extended periods could cause a client to experience significant losses. Batchen held these non-traditional ETFs in the client’s accounts for an average of approximately 222 days, despite the fact that these non-traditional ETFs were designed to achieve their stated objectives within a single trading day. This client lost approximately $56,246 and the firm subsequently provided restitution to the client for the losses.
FINRA’s findings also included that Batchen failed to timely disclose a federal tax lien on his Form U4 in the amount of $1.2 million. After paying approximately $12,000 to the IRS, Batchen was released from the lien.
This suspension is in effect from November 7, 2016, through April 6, 2017.
(FINRA Case #2012032960401)
According to FINRA’s BrokerCheck, Robert James Batchen, was registered in the securities industry for 24 years and was with the following firms:
09/28/2012 - 10/02/2015  UHLMANN PRICE SECURITIES, SKOKIE, IL
01/01/2008 - 09/12/2012  WELLS FARGO ADVISORS, SKOKIE, IL
08/25/1995 - 01/03/2008   A.G. EDWARDS & SONS, INC., SKOKIE, IL
If you were a client of Robert James Batchen formerly with Uhlmann Price Securities in Skokie, IL and experienced losses due to his actions or recommendations, call Soreide Law Group for a no-cost consultation with a lawyer regarding the possible recovery of your losses at:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA and we operate on contingency.