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Will the WDFI help me recover the money I lost as a result of Securities Fraud?

By Sean Sweeney on November 08, 2011

The Wisconsin Department of Financial Institutions (WDFI) is charged with regulating securities in Wisconsin, though it is not part of their authority to recover funds for investors.

The WDFI can be a great informational resource for investors. On its website, the WDFI states:

Through its Professional Registration and Compliance Bureau or its Enforcement Bureau, the Division can:
  • Tell you whether a securities offering has been filed for registration or exemption and whether a broker-dealer, securities agent, investment adviser, or investment adviser representative is licensed.
  • Inform you about the disciplinary history, if any, of a broker-dealer, securities agent, investment adviser, or investment adviser representative.
  • Answer questions concerning your rights and responsibilities when dealing with a broker-dealer, securities agent, investment adviser, or investment adviser representative, or with an issuer of securities which has offered and sold securities directly to you.
  • Investigate problems with your brokerage account, questionable sales practices, telephone solicitations, and allegations of fraud and misrepresentation.
  • Tell you whether a franchise offering has been filed for registration.
However, the WDFI cannot help you recover your money. In fact, the WDFI states on its website that,
We cannot order that your money be refunded, cancel any agreement or contract, give legal advice, act as your attorney, or act as a court of law.
This means that if investors want to pursue a potential claim to recover funds, they need to bring their own cause of action against their Broker or Broker-Dealer. While the WDFI can be a great resource for information, if you are interested in seeking recovery of your funds, contact a qualified attorney right away to look into potentially bringing a claim on your behalf. Typically the forum for your claim would be a "FINRA Arbitration." Take a look at "What is FINRA Arbitration?" for more information.

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Milwaukee Office

320 E Buffalo St
Ste 611
Milwaukee, WI 53202

Open Today 8:00am - 5:00pm

Open Saturday and Sunday for calls and emails.

More Info Directions (414) 755-5020