Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. Investors who feel they have lost money in this fashion may be entitled to damages. Oakes & Fosher is currently interested in hearing from investors who believe this may be them.
Oakes & Fosher is currently investigating the possible misconduct of former securities broker Caeron McClintock. According to his publicly available FINRA BrokerCheck report, Caeron McClintock has been the subject of multiple customer disputes.
Caeron McClintock was a New York based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with nine different securities firms.
His Registrations
- Ladenburg Capital Management (1999-2004)
- Joseph Stevens & Company (2004-2008)
- Fordham Financial Magement (2008)
- J.P. Turner & Company (2008-2011)
- Brookstone Securities (2011-2012)
- Legend Securities (2012-2013, 2015-2016)
- E.J. Sterling (2013-2015)
- Rothschild Lieberman (2015)
- Spartan Capital Securities (2016)
The Allegations
- In December 2015, a customer alleged unsuitability, over-concentration, churning, excessive and objectionable commissions, fraud, and misrepresentation. This case is currently pending. The customer is seeking $50,000 in damages.
- In August 2016, a customer alleged that Caeron McClintock engaged in unauthorized trading. This case is also currently pending.
- In November 2016, a customer alleged breach of contract, breach of the implied covenant of good faith and fair dealing, common law fraud, material misrepresentations and omissions, unauthorized trading, unsuitability, churning, breach of fiduciary duty, negligence, and control person liability. This case went to arbitration where the customer was awarded $35,000 in damages.
What Does This Mean?
Securities brokers, like Caeron McClintock, have a legal obligation to always act in the best interests of their customers. This obligation is also referred to as a fiduciary duty. This duty is necessary for their to be trust between the customer and their broker. The reason investors need to trust their money to brokers in the first place is because securities brokers have the knowledge to invest more efficiently than they could. This process could not exist without the trust, and the trust could not exist without a duty that brokers are bound by. Investors who believe they have lost money due to their securities broker breaching their fiduciary duty may be entitled to damages.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Caeron McClintock, please contact Oakes & Fosher for a free and private consultation.
