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The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Andrew Bruce Elsoffer. According to his publicly available FINRA BrokerCheck report, Andrew Elsoffer had been the subject of multiple customer disputes over the course of his career. He is no longer working as a securities broker in any fashion.

Andrew Elsoffer was an Ohio-based securities broker who had worked in the securities industry for twenty three years. During his career, he had been registered with two different securities firms.

His Registrations 

  • Merrill Lynch, Pierce, Fenner & Smith (1995-2011)
  • Stifel, Nicolaus & Company (2011-2018)

The Allegations 

  • In February 2016, a customer alleged that Andrew Elsoffer had recommended unsuitable investments resulting in losses in their account. This case was settled for $60,000 in damages.
  • In March 2016, a customer alleged that Elsoffer had committed securities and common law fraud, breached his fiduciary duty, and misrepresented crucial details about allegedly unsuitable investments. This case was settled for $165,000 in damages.
  • In July 2019, customers alleged that Elsoffer had breached his fiduciary duty by managing their account negligently and executing unauthorized trades. This case was settled for $14,999 in damages.
  • In February 2020, customers alleged common law fraud, negligence, and breach of fiduciary duty. This case is currently pending, and the customers are seeking $250,000 in damages.
  • In February 2022, Elsoffer was officially sanctioned by FINRA following their findings that he had exercised discretion without written authorization in customer accounts. As a result of these findings, Elsoffer was suspended from acting as a securities broker in all fashions for a period of two years and ordered to pay a $15,000 fine.

What Does This Mean?

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 due to this fraud or negligence 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 Andrew Bruce Elsoffer please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.