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 investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.
Oakes & Fosher is currently investigating former securities broker Andrew Yocum. According to his publicly available FINRA BrokerCheck report, Andrew Yocum has been the subject of numerous customer disputes.
Andrew Yocum was a Florida based securities broker. He worked in the securities industry for thirteen years. During his career, he was registered with three different securities firms.
- A.G. Edwards & Sons (2002-2007)
- Morgan Stanley (2007-2015)
- Summit Brokerage Services (2015-2016)
Andrew Yocum has been the subject of numerous customer disputes filed between 2015 and 2018. Almost all of which were regarding allegations that he made unsuitable investment recommendations that resulted in losses.
In May 2016, Andrew Yocum was officially sanctioned by FINRA. The findings in this matter state that he refused to comply with a FINRA investigation into allegations against Andrew Yocum that included unauthorized transactions, exercising discretion without authorization, and recommending unsuitable energy sector securities to senior investors. Due to this alleged failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined through factors that include the customer’s previously stated investment objectives, financial situation, liquidity needs, and risk tolerance. Securities brokers, like Andrew Yocum, are expected to conduct the necessary due diligence that is required to determine a customer’s suitability based on the above mentioned factors. For this reason, a broker is unable to use the excuse that they did not know a product was unsuitable. Investors who believe that they made have lost money due to their securities broker’s unsuitable investment recommendations may be entitled to damages.
Oakes & Fosher Can Help
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 Yocum, please contact Oakes & Fosher for a free and private consultation.