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

Barry Garapedian is a California based securities broker. He has worked in the securities industry for thirty-eight years. During his career, he has been registered with four different securities firms.

His Registrations

  • E.F. Hutton & Company (1982-1988)
  • Lehman Brothers (1988-1993)
  • Citigroup Global Markets (1993-2009)
  • Morgan Stanley (2009-Present)

The Allegations

  • In February 1997, a customer alleged that Barry Garapedian made material misrepresentations. This case went to arbitration where the customer was awarded $17,018 in damages.
  • In November 1997, a customer alleged that Barry Garapedian executed unauthorized trades. This case was settled for an undisclosed amount in damages.
  • In August 2001, a customer alleged that Barry Garapedian recommended unsuitable investments, over-concentrated their account, engaged in unsuitable margin trading, and failed to disclose risks, and managed their account negligently. This case was settled for $100,000 in damages.
  • In April 2003, a customer alleged that Barry Garapedian breached his fiduciary duty, breached contract, managed their account negligently, and committed fraud. This case was settled for $42,000 in damages.
  • In March 2008, a customer alleged that Barry Garapedian failed to follow instructions. This case was settled for $1.5 million in damages.
  • Also in March 2008, a customer alleged that Barry Garapedian recommended unsuitable investments and made material misrepresentations. This case was settled for $125,000 in damages.
  • In March 2018, a customer alleged that Barry Garapedian recommended unsuitable investments. This case was settled for $170,000 in damages.
  • In April 2018, a customer alleged that Barry Garapedian charged them excessive fees, recommended unsuitable investments, and over-concentrated their account. This case was settled for $110,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always act in their best financial interests. This obligation is also known as their duty as a fiduciary. The most important aspect of this duty is making sure the investments they recommend are actually suitable for their customers. Securities brokers can determine suitability by analyzing financial factors specific to every investor. This includes the customer’s age, investment objectives, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these factors have exposed the customer to significant financial risk.

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 Barry Garapedian, 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.