Jesse Kovacs Suspended By FINRA For Allegedly Participating In Private Securities Transactions

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

Austin Dutton is a New York based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with eight different securities firms.

His Registrations

  • Prudential Securities Incorporated (1996-1997)
  • A.G. Edwards & Sons (1997-2000)
  • Ferris, Baker Watts Incorporated (2000-2002)
  • Boenning & Scattergood Inc. (2002-2007)
  • Newbridge Securities Corporation (2007-2017)
  • Center Street Securities (2017)
  • Sandlapper Securities (2017-2019)
  • Primex (2019-Present)

The Allegations

  • In December 2017, customers alleged that Austin Dutton recommended unsuitable investments and made material misrepresentations and omissions of material facts concerning the risks associated with said investments. This case was settled for $40,000 in damages.
  • In April 2018, a customer alleged that Austin Dutton recommended unsuitable investments. This case was settled for $30,000 in damages.
  • Also in April 2018, customers alleged that Austin Dutton made unsuitable recommendations, misrepresented the details of the investments, and breached his fiduciary duty. This case was settled for $64,750 in damages.
  • In May 2018, another customer alleged Austin Dutton recommended unsuitable investments that resulted in damages. This case was settled for $75,000 in damages.
  • In October 2018, a customer alleged that Austin Dutton managed their account negligently, made material misrepresentations and omissions of material fact, and breached his fiduciary duty. This case was settled for $95,000 in damages.
  • In May 2019, a customer alleged that Austin Dutton recommended securities without conducting the necessary due diligence, managed their account negligently, made material misrepresentations, omitted material facts, and breached his fiduciary duty. This case is currently pending. The customer is seeking $230,000 in damages.
  • In January 2020, a customer alleged that Austin Dutton managed their account negligently, made material misrepresentations and omissions, and breached his fiduciary duty. This case is currently pending, and the customer is seeking $95,000 in damages.
  • In June 2020, a customer alleged that Austin Dutton recommended unsuitable investments and breached his fiduciary duty. This case is currently pending, and the customer is seeking an undisclosed amount in damages.

These were just some of the complaints filed due to alleged actions committed by Austin Dutton.

What Does This Mean?

One of the most common complaints filed against Austin Dutton was that he managed his clients’ accounts negligently. Negligence is a pretty straight forward charge. Essentially, it occurs when an investor experiences account losses because their securities broker failed to pay attention to what was happening in their account. The reason investors hire securities brokers in the first place is so they can have a qualified individual managing their account. If that individual neglects their duties and in turn causes the investor to experience preventable losses, then the investor would have been far better off if they had never hired the broker in the first place.

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 Austin Dutton, 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.