The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Barry Snyder. According to his publicly available FINRA BrokerCheck report, Barry Snyder has been the subject of multiple customer disputes.
Barry Snyder is a Florida based securities broker. He has worked in the securities industry for twenty-two years. During his career, he has been registered with six different securities firms.
- Goldman, Sachs & Co. (1993-2003)
- Deutsche Bank Securities (2003-2009)
- Credit Suisse Securities (2009-2013)
- J.P. Morgan Securities (2013-2015)
- Lampost Capital (2018-2019)
- Snoweden Account Services (2019-Present)
- In November 2018, a customer alleged that they experienced losses due to Barry Snyder over-concentrating their account. This case is currently pending. The customer is seeking an undisclosed amount in damages.
- In August 2019, a customer alleged that Barry Snyder excessively traded their account and executed unauthorized trades. This case is currently pending. The customer is seeking $500,000 in damages.
Securities brokers are not allowed to execute trades on their customers’ behalf without first obtaining their authorization to do so. Just because an investor has hired a securities does not mean they have forfeited the right to have final say on what securities they are invested in. Often times, when brokers circumvent this process, it is because they know their customer would not approve of what they ultimately became invested in. This can often lead to serious financial harm to the investor.
Securities brokers have an obligation to their customers to trade their accounts suitably not only in the investments they recommend, but also the frequency in which they execute trades. Some less than scrupulous securities brokers will trade their customers’ accounts excessively, even though it often results in the investor incurring highly unnecessary fees and trading losses. The main reason that these brokers engage in this practice is due to how largely it increases their commissions. This is because brokers receive a percentage of their customer’s principal investment whenever executing a trade on their behalf as their commission. When a broker excessively trades a customer’s account with the express purpose of generating more commissions, it is referred to as churning.
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 Snyder, 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.