The law firm of Oakes & Fosher is currently investigating the possible misconduct of securities broker John Neely. According to his publicly available FINRA BrokerCheck report, John Neely has been the subject of multiple customer disputes.
John Neely is presently working as an Arizona based securities broker. He has worked in the securities industry for forty-two years. During his career, he has been registered with ten different securities firms.
His Registrations
- Woolsey & Company Incorporated (1976-1979)
- Investment Securities (1979-1987)
- Finser Investment Company (1987-1989)
- Rauscher Pierce Refsnes (1989-1992)
- Prudential Securities Incorporated (1992-1998)
- Century Investment Group Incorporated (1998-1999)
- Spelman & Co. (1999-2004)
- WFG Investments (2004-2009)
- Berthel, Fisher & Company Financial Services (2009-2018)
- St. Bernard Financial Services (2019-Present)
The Allegations
- In August 2002, a customer alleged excessive trading, unauthorized trading, and unsuitable recommendations. This case was settled for $88,750 in damages.
- In July 2007, John Neely was sanctioned by the Oklahoma Department of Securities. The findings in this matter state that he engaged in acts that constituted as fraud, failed to observe high standards of commercial honor and just and equitable trade, and made unsuitable recommendations for customers.
- In November 2018, John Neely was sanctioned by FINRA. The findings in this matter state that he exercised discretion in customer accounts without obtaining written authorization or by having his member firm accept the accounts as discretionary. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of fifteen business days.
Unauthorized Trading
Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization. There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first. This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.
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 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 John Neely, please contact Oakes & Fosher for a free and private consultation.
