- August 1, 2022
- Fortune Financial
Shane Wilhelm (CRD#: 4803933) is a dually registered Broker and Financial Advisor at Fortune Financial Services, Inc. in Moneta, VA.
He entered the securities industry in 2004 and previously worked for Trust Advisory Services, Inc.; Trust Investment Services, Inc.; Suntrust Investment Services, Inc.; BB&T Securities, LLC; Scott & Stringfellow, LLC; Merrill Lynch, Pierce, Fenner & Smith, Inc.; MetLife Securities, Inc.; Wachovia Securities, LLC; and Signator Investors, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2022, a customer dispute was filed against Shane Wilhelm. The allegation states, “Client allege RR represented client assets as being significantly greater than what was actually in the client’s account.” The customer dispute is pending, and damages of $80,000 are requested.
In addition, Shane Wilhelm has been the subject of two customer complaints, including one that remain pending, including the following:
- September 2021 — “Clients allege RR represented client assets as being significantly greater than what was actually in the clients’ account.”
- May 2018 — “The attorney for the beneficiaries of the deceased clients accuses Mr. Wilhelm of inflating the actual value of the elder client’s estate and of their potential inheritance.” The customer dispute was denied.
For a copy of Shane Wilhelm’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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