Shane Wilhelm, a stockbroker with Fortune Financial Services, Inc. of Moneta, Virginia, has been accused by three separate clients of misrepresenting the assets in their accounts as being “significantly greater” than what was actually in the accounts, according to his FINRA BrokerCheck Report.

The Customer Complaints Against Shane Wilhelm

According to the customer allegations, Shane Wilhelm inflated the actual value of his clients’ account holdings. Three separate customers have filed essentially the same allegations against Mr. Wilhelm within the past four years. One of the complaints does not specify the customer’s damages but the other two complaints against Shane Wilhelm claim over $420,000 in damages.

The customer complaints involve investments including variable annuities, listed equities (common and preferred stock) and a mutual fund.

Stockbrokers, Like Shane Wilhelm, Must Not Mislead Their Customers

Brokerage firms and stockbrokers, like Shane Wilhelm, must comply with federal securities laws and industry rules and regulations, including FINRA’s rules. FINRA Rule 2020, prohibits FINRA members from effecting any securities transaction “by means of any manipulative, deceptive or other fraudulent device or contrivance.” Moreover, FINRA Rule 2010 requires its members to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business.”

Additionally, FINRA Rule 3110 requires brokerage firms, like Fortune Financial Services, to establish, maintain, and enforce a system to supervise all of their stockbrokers’ activities to achieve compliance with federal securities laws and regulations, as well as FINRA’s rules.