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

Andrew Day is a California based securities broker. He has worked in the securities industry for twenty-five years. During his career, he has been registered with three different securities firms.

His Registrations

  • Citigroup Global Markets (1995-2009)
  • TKG Financial (2009-2017)
  • Kovack Securities (2017-Present)

The Allegations

  • In September 2007 a customer alleged that Andrew Day made material misrepresentations about closed-end funds. This case was settled for $12,000 in damages.
  • In November 2014, a customer alleged that Andrew Day made investment recommendations that were unsuitable given their financial situation and investment objectives. This case was settled for $50,000 in damages.
  • In August 2017, customers alleged that Andrew Day made unsuitable investment recommendations, committed fraud, and breached his fiduciary duty. This case was settled for $80,000 in damages.

What Does This Mean?

The relationship between investors and securities brokers exists on a foundation of trust. The reason that investors can generally feel secure in trusting their broker is because they are aware that brokers are obligated to always act in their customers’ best financial interests. This obligation is also known as the broker’s fiduciary duty. Brokers who breach this duty work toward the erosion of that trust, which in turn can significantly damage the broker/investor relationship.

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 Day, 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.