The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Albert Foronda. According to his publicly available FINRA BrokerCheck report, Albert Foronda has been the subject of multiple customer disputes.

Albert Foronda is a New York based securities broker. He has worked in the securities industry for nine years. During his career, he has been registered with four different securities firms.

His Registrations 

  • National Securities Corporation (2010-2011)
  • Legend Securities (2011-2016)
  • Worden Capital Management (2016-2017)
  • Spartan Capital Securities (2017-Present)

The Allegations 

  • In July 2017, a customer alleged that Albert Foronda executed an unauthorized transaction in their account. This case was settled for $14,000 in damages.
  • In April 2018, a customer alleged that Albert Foronda breached his fiduciary duty, breached contract, and handled their account negligently. This case is currently pending. The customer is seeking $90,000 in damages.
  • In May 2019, a customer alleged that Albert Foronda recommended unsuitable investments, excessively traded their account, and handled their account negligently. This case is currently pending. The customer is seeking $650,000 in damages.

What Does This Mean?

The most important aspects of a securities brokers job is having the ability to recommend securities to their customers that they (the investors) are actually suited for. There are multiple different factors that can determine if an investment is suitable for a particular investor. These factors include; the investor’s age, financial situation, annual income, risk tolerance, liquidity needs, and investment objectives. Brokers who are unable to determine suitability by looking at these factors lack the ability to fulfill their duties to the standard that is required.

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 Albert Foronda, 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.