Silver Oak Securities

There are Recent Customer Complaints with Broker Donald Wright in Firm Silver Oak Securities, Incorporated

February 14, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Donald Wright (Wright) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Wright was employed by Silver Oak Securities, Incorporated at the time of the activity. If you have been a victim of Wright’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a final customer complaint on January 22, 2025.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Donald Anthony Wright (‘Wright’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that On December 17, 2024, a judgment was entered by consent against Wright and Retirement Specialty Group, permanently enjoining them from future violations of Section 17(a) of the Securities Act of 1933 (‘Securities Act’), Section 10(b) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, and permanently enjoining Wright from directly or indirectly participating in the issuance, purchase, offer, or sale of any security, subject to certain exceptions, as set forth in the judgment entered in the civil action entitled Securities and Exchange Commission v. Donald Anthony Wright, et al., Civil Action Number 2:24-CV-00065, in the United States District Court for the Middle District of Tennessee, Northeastern Division. The Commission’s complaint alleged that Wright and Retirement Specialty Group misused and misappropriated investor funds obtained from clients and at least one non-client through the fraudulent offer, recommendation, and sale of fraudulent promissory notes. In selling the notes, Wright and Retirement Specialty Group made material misrepresentations and omissions concerning the nature and safety of the investments, the planned use of proceeds, and his relationships with the issuers. Wright also failed to disclose multiple conflicts of interest and misappropriated client assets. After defrauding his clients, Wright repeatedly misled them about the status of their investments and repayments.

Broker Benjamin Fuchs in Silver Oak Securities, Incorporated Firm Has Customer Complaint

February 8, 2025 | by Staff Attorney

Previously financial advisor Benjamin Fuchs (Fuchs), previously employed by brokerage firm Silver Oak Securities, Incorporated has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000.00 on November 02, 2023.

Claimant states, “The nature of the investment products, the concentration issue, the unsuitability, heighted supervision required, and the risks associated with the illiquidity, lack of transparency, and high-commission product – disguised and misrepresented as a suitable investment strategy… But for their recommendations and negligent misrepresentations and omissions of material facts, Claimant would not have incurred the unnecessary losses and damages in this case.”

Advisor Christopher Watkins Subject to Employment Termination and a Customer Complaint

December 7, 2019 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Christopher Watkins (Watkins), currently employed by Silver Oak Securities, Incorporated (Silver Oak Securities) has been subject to at least one employment termination for cause and one customer complaint during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Watkins’ customer complaint alleges that Watkin recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2018 Watkins’ then employer, LPL Financial LLC (LPL Financial), discharged Watkins claiming that he facilitated the distribution of advisory fee monies to an unregistered person.

In August 2019 a customer complained that Watkins violated the securities laws by alleging violations of the securities laws including unsuitable investments involving REITs and energy investments. The claim alleges $115,000 in damages and is currently pending.

Silver Oak Securities Fined Over Non-Traditional ETF Sales

March 12, 2014 | by Staff Attorney

The Financial Industry Regulatory Authority (FINRA) sanctioned brokerage firm Silver Oak Securities, Inc. (Silver Oak) concerning allegations from January 2009, to December 2010, Silver Oak failed to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable securities laws regarding the sale of leveraged and inverse Exchange-Traded Funds (Non-Traditional ETFs). Silver Oak has been a FINRA member since 2007 and is in Jackson, Tennessee, and employs 122 registered individuals at 28 branch offices.

Non-Traditional ETFs have grown significantly in popularity since 2006. By 2009, over 100 Non-Traditional ETFs had been issued with total assets under management of approximately $22 billion. A leveraged ETF seeks to deliver two or three times an index or benchmark return the ETF tracks. Non-Traditional ETFs can also be “inverse” or “short” returning the opposite of the performance the index or benchmark. Non-Traditional ETFs contain significant risks that are not found in traditional ETFs. Non-Traditional ETFs have risks associated with a daily reset, use of leverage, and compounding.

In addition, the performance of Non-Traditional ETFs over long periods of time tend to differ significantly from the performance of the underlying index or benchmark the fund tracks. For example, between December 2008, and April 2009, the Dow Jones U.S. Oil & Gas Index gained two percent while a leveraged ETF that tracked the index’s daily return fell six percent. Another related leveraged ETF seeking to deliver twice the inverse of the index’s daily return fell by 26 percent. These risks, among others, prompted FINRA to issue a Notice to Members clarifying brokerage firm obligations when selling Non-Traditional ETFs to customers.