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

Anthony Diaz was a Pennsylvania based securities broker. He worked in the securities industry for fourteen years. During his career, he was registered with eleven different securities firms.

His Registrations

  • Horwitz & Associates (2000)
  • Edward Jones (2000-2002)
  • Raymond James Financial Services (2002-2004)
  • Round Hill Securities (2004-2005)
  • First Allied Securities (2005-2009)
  • SII Investments (2009-2010)
  • Matrix Capital Group (2010-2011)
  • Kovack Securities (2011)
  • International Financial Solutions (2011-2012)
  • Sandlapper Securities (2012)
  • IBN Financial Services (2012-2015)

The Allegations

  • In August 2011, Anthony Diaz was discharged from his position at Kovack Securities. This followed allegations that he entered unauthorized trades in customer accounts.
  • In September 2012, Anthony Diaz was discharged from his position at Sandlapper Securities. This followed allegations that he solicited sales of annuities from multiple customers even though he was not approved to sell the annuities. After having clients complete the annuity contracts, Anthony Diaz allegedly would then give the paperwork to the principal in his office to sign as the selling agent.
  • In January 2013, customers alleged that Anthony Diaz handled their account negligently, made material misrepresentations, omitted material facts, breached his fiduciary duty, breached contract, and recommended unsuitable securities. This case went to arbitration where the customer was awarded $219,936 in damages.
  • In November 2014, a customer alleged that Anthony Diaz misrepresented guaranteed payments of interest and violated suitability requirements by recommending illiquid products, falsified liquid and net worth information, inflated income, and forged account documentation. This case was settled for $75,000 in damages. He received many identical complaints in the following years.
  • In July 2015, customers alleged misrepresentation, breach of fiduciary duty, negligence, and unsuitability regarding variable annuities and DPPs that Anthony Diaz had sold them. This case was settled for $60,000 in damages.
  • Also in July 2015, customers alleged that Anthony Diaz invested them in high commissioned, unsuitable, illiquid products. This case is currently pending. The customers are seeking $500,000 in damages.
  • In May 2016, a customer alleged that Anthony Diaz recommended unsuitable securities, engaged in fraud, made negligent misrepresentations and omissions, and violated FINRA rules. This case went to arbitration where the customer was awarded $2.4 million in damages.
  • In September 2017, a customer alleged that Anthony Diaz forged investment documents. This case was settled for $45,000 in damages.
  • In December 2017, customers alleged that Anthony Diaz made a poor recommendation, asked them to sign blank documents, overstated their net worth and income, and put false information on their documents. This case was settled for $45,000 in damages.
  • In May 2018, a customer alleged that Anthony Diaz made unsuitable investment recommendations. This case is currently pending. The customer is seeking $500,000 in damages.
  • In November 2018, a customer alleged that the investment Anthony Diaz placed them in was fraudulent. This case is currently pending. The customer is seeking $70,000 in damages.

What Does This Mean?

One of the most notable allegations levied against Anthony Diaz was that he allegedly forged customer documentation in order to inflate their net worth. One of the main reason securities brokers do this is so they can get away with recommending securities to them that they are not actually suited for. Most securities firms have policies in place that require their customers to have a certain net worth in order for them to be invested in particular products that are more risky and less liquid. Securities brokers like Anthony Diaz will often falsify their customer’s information, so that their securities firm will think that their customer is a perfect candidate for a more alternative investment.

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 Anthony Diaz, please contact Oakes & Fosher for a free and private consultation.