Securities Lawyers Blog
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Robert Batchen (Batchen) has been the subject of at least five customer complaints, one judgement/lien, and one employment separation for cause over the course of his career. Customers have filed complaints against Batchen allege claims including that the broker made unsuitable investments, unauthorized trades, and failure to follow instructions among other claims. In addition to customer complaints, Batchen was also subject to an employment separation from Wells Fargo Advisors LLC (Wells Fargo) where the broker resigned during an internal review of allegations of unauthorized trading.
Batchen entered the securities industry in 1990. From January 2008, until September 2012, Batchen was associated with Wells Fargo. Currently, Batchen is a registered representative of Uhlmann Price Securities, LLC.
Advisors are not allowed to engage in unauthorized trading. Such trading occurs when a broker sells securities without the prior authority from the investor. The broker must first discuss all trades with the investor before executing them under NYSE Rule 408(a) and FINRA Rules 2510(b). These rules explicitly prohibit brokers from making discretionary trades in a customers’ non-discretionary accounts. The SEC has also found that unauthorized trading to be fraudulent nature.