The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Alan Douglass. According to his publicly available FINRA BrokerCheck report, Alan Douglas has been the subject of multiple customer disputes over the course of his career.

Alan Douglass is a Florida based securities broker. He has worked in the securities industry for thirty-two years. During his career, he has been registered with eight different securities firms.

His Registrations

  • Thomas James Associates (1987)
  • Graystone Nash, Inc. (1987-1989)
  • Hanifen, Imhoff Securities Corp. (1989)
  • Lehman Brothers Inc. (1989-1990)
  • Barron Chase Securities, Inc. (1990-1991)
  • Monmouth Investments (1989-1991)
  • Meridian, Dunhill & Co. (1991-1995)
  • Investacorp, Inc. (1995-Present)

The Allegations

  • In March 1993, a customer alleged that he only purchased shares of a specific company under false pretenses from Alan Douglass. This case went to arbitration where the customer was awarded $3,000 in damages.
  • In June 2006, a customer alleged that Alan Douglass recommended unsuitable investments.
  • In December 2018, a customer alleged that Alan Douglass made unsuitable investment recommendations. Douglass allegedly advised the customer to invest $250,000 in the non-traded REIT known as American Realty Capital Trust V. This case was settled for $42,500 in damages.

What Does This Mean?

Non-traded REITs such as America Realty Capital Trust V are highly unsuitable investments that are not sold on any public securities exchanges. Because of their private nature, it is very difficult for securities firms and regulatory authorities to regulate these products. Many securities brokers take advantage of this oversight and will pitch these products to unsuspecting investors as safe and lucrative–when the truth is just the opposite. Non-traded REITs are highly speculative and illiquid securities that are incredibly harmful to investors. They are accompanied by incredibly high upfront fees, most of which is given to the recommending broker as their commission for brokering the trade.

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 Alan Douglass, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.