The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Minish Joe Hede. According to his publicly available FINRA BrokerCheck report, Minish Joe Hede has been the subject of multiple customer disputes.
Minish Joe Hede was a New York based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Reich & Co. (1994), Sands Brothers & Co. (1994-1996)
- First Cambridge Securities Corporation (1996-1997)
- Hampshire Securities Corporation (1997-1998)
- Josephthal & Co. (1998-1999)
- JWGenesis Securities (1999-2001)
- Wachovia Securities Financial Network (2001-2006)
- Advanced Equities (2006-2012)
- Roth Capital Partners (2013)
- Paulson Investment Company (2013-2017)
The Allegations
- In June 1999, a customer alleged that Minish Joe Hede engaged in an unauthorized use of margin. This case was settled for $6,260 in damages.
- In April 2017, a customer alleged that Minish Joe Hede committed fraud, made negligent misrepresentations, handled their account negligently, and engaged in unjust enrichment. This case was settled for $165,000 in damages. Due to these allegations, he was discharged from his position at Paulson Investment Company.
- In November 2017, Minish Joe Hede was barred by FINRA from acting as a securities broker in any fashion.
- In March 2019, a customer alleged that Minish Joe Hede recommended unregistered and fraudulent investments known as private placements. This case was settled for $225,000 in damages.
- In November 2019, a customer alleged that Minish Joe Hede failed to disclose material information about two private placement offerings he recommended to them. This case is currently pending. The customers are seeking approximately $1 million in damages.
What are Private Placements?
Private placements are poorly regulated securities that are not traded on any public securities exchanges or registered with the Securities and Exchange Commission. This leaves these types of investments very poorly regulated, which allows stock brokers to misrepresent what they are actually are. The truth is that private placements are very speculative and illiquid products that are unsuitable for investors–even when they are legitimate. Often times, private placements can also just be fronts for fraudulent activity. Less than scrupulous brokers take advantage of how poorly they are regulated and will use these offerings as way to misappropriate invested funds. Despite how unsuitable and unpredictable private placements can be, many less than scrupulous securities brokers continue to push these products onto unsuspecting investors because of the excessively high commissions they receive when the transaction is executed. Commissions for private placements can be as high as 10 percent of the investor’s principal and creates significant conflicts of interest when recommending these products.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Minish Joe Hede, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
