The Financial Industry Regulatory Authority (FINRA) has barred broker Harold E. Wilson of Reseda, California, and ordered him to pay $10,000 plus interest in restitution for customers after FINRA'S Office of Hearing Officers (OHO) found that Wilson had failed to notify his firm of outside business activities and private securities transactions, making false financial claims to customers and refusing to respond to both customer and FINRA requests for information.
According to FINRA, while employed as a General Securities Representative with Ameritas Investment Corp. in 2009, Wilson engaged in multiple private securities transactions without notifying Ameritas in advance.
Persuading customers to loan him money with which to invest in gold coins, Wilson allegedly promised one customer a 10% monthly return on a $10,000 investment, while assuring another customer a 28% profit or annualized return of more than 1,700% for a $2,120 investment.
According to FINRA, Wilson failed to repay his first customer the entire $10,000 investment, much less interest, while Wilson has repaid the second customer the original investment without interest or profits.
In both cases, Wilson engaged in private securities transactions outside the scope of his firm and made himself unavailable when his customers attempted to make contact, furthermore refusing to respond to FINRA's repeated requests for information related to the ensuing Department of Enforcement investigation and Office of Hearing Officers proceeding.
Because Wilson repeatedly failed to respond to FINRA's requests, the OHO entered into a default decision barring Wilson from the securities industry with an order to pay restitution to the two affected customers.
If you invested with Harold E. Wilson or any other broker that has effectively disappeared or otherwise made himself or hersel impossible to contact after engaging in financially abusive practices, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.