The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker David Sung Wook Park. According to his publicly available FINRA BrokerCheck report, David Park has been the subject of multiple customer disputes over the course of his career.
David Park was a California-based securities broker. He had worked in the securities industry for twenty years. During his career, he had been registered with five different securities firms. He is no longer working in the securities industry in any fashion.
His Registrations
- Grattan Financial Services (2001-2001)
- Brookstreet Securities Corporation (2001-2007)
- J.P. Turner & Company (2007-2013)
- FSC Securities Corporation (2013-2019)
- Cambridge Investment Research (2019-2022)
The Allegations
- In February 2021, a customer alleged that David Park had sold them investments that were unsuitable. This case is currently pending, and the customer is seeking $45,000 in damages.
- In June 2021, a customer alleged that Park had recommended unsuitable investments and made misrepresentations and omissions of material facts regarding these investments. This case was settled for $280,000 in damages.
Unsuitable Investments
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like David Sung Wook Park can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
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 David Sung Wook Park, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
