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

Andrew Corbman was a Virginia based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • R A F Financial Corporation (1994-1997)
  • A.G. Edwards & Sons (1997-2000)
  • Morgan Stanley (2000-2002)
  • ING Financial Partners (2002-2004)
  • ING Financial Partners (2004-2008)
  • FSC Securities Corporation (2008-2011)
  • Kovack Securities (2011-2015)
  • Newbridge Securities Corporation (2015-2016)

The Allegations 

  • In September 2003, a customer alleged that Andrew Corbman committed common law fraud, managed their account negligently, recommended unsuitable investments, executed unauthorized trades, churned their account, breached his fiduciary duty, and breached contract. This case was settled for $25,000 in damages.
  • In December 2008, customers alleged that Andrew Corbman liquidated some investments that caused them to pay deferred sales charges and surrender fees. This case was settled for $72,500 in damages.
  • In January 2011, Andrew Corbman was discharged from his position at FSC Securities Corporation following allegations that he violated their policies regarding approved advertising.
  • In March 2013, a customer alleged that Andrew Corbman recommended unsuitable investments that led to their account experiencing poor performance. This case was settled for $25,000 in damages.
  • Also in March 2013, a customer alleged that Andrew Corbman engaged in unjust enrichment, made material misrepresentations, managed their account negligently, breached his fiduciary duty, breached contract, violated state securities laws, engaged in common law fraud and constructive fraud, breached the duty of fair dealing, executed unauthorized trades, and engaged in civil conspiracy. This case went to arbitration, where the customer was awarded an undisclosed amount in damages.
  • In September 2014, a customer alleged that Andrew Corbman recommended unsuitable investments and over-concentrated their account in said investments. This case was settled for $21,000 in damages.
  • In December 2015, a customer alleged that Andrew Corbman committed common law fraud, committed securities fraud, breached his fiduciary duty, recommended unsuitable investments, managed their account negligently, and breached contract. This case was settled for $428,250 in damages.
  • In February 2016, a customer alleged that Andrew Corbman executed unauthorized trades and recommended unsuitable investments. This case was settled for $400,000 in damages.
  • In December 2016, a customer alleged that Andrew Corbman recommended unsuitable investments, committed fraud, breached contract, breached his fiduciary duty, over-concentrated their account, and violated California’s Securities Act. This case was settled for $125,000 in damages.
  • In March 2017, a customer alleged that Andrew Corbman recommended unsuitable investments, engaged in common law fraud, breached contract, breached his fiduciary duty, and over-concentrated their account. This case was settled for $28,000 in damages.
  • In July 2018, a customer alleged that Andrew Corbman breached his fiduciary duty and recommended unsuitable investments. This case was settled for $52,500 in damages.
  • Also in July 2018, a customer alleged that Andrew Corbman managed their account negligently and recommended unsuitable investments. This case was settled for $80,000 in damages.
  • In January 2020, a customer alleged that Andrew Corbman sold them unsuitable investments. This case is currently pending. The customer is seeking an undisclosed amount in damages.

What Does This Mean?

Securities brokers like Andrew Corbman have a legal and ethical obligation to always make decisions that act in their customers’ best financial interests. This is also referred to as their duty as a fiduciary. Brokers who make decisions that serve their own financial interests at the expense of their customers have breached this duty. Brokers who breach their fiduciary duty construct a narrative that brokers cannot be trusted and makes investors weary of going that route. Essentially, an argument can be made that a few rotten apples spoil the bunch.

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 Andrew Corbman, 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.