The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Barry Speyer. According to his publicly available FINRA BrokerCheck report, Barry Speyer has been the subject of multiple complaints over the course of his career.
Barry Speyer is a California based securities broker. He has worked in the securities industry for forty-nine years. During his career, he has been registered with five different securities firms.
His Registrations
- Bell Securities Corporation (1970-1971)
- Dean Witter & Co. (1971-1978)
- Morgan Stanley DW (1978-2007)
- Morgan Stanley & Co. (2007-2009)
- Morgan Stanley (2009-Present)
The Allegations
- In June 1989, a customer alleged that Barry Speyer recommended unsuitable trades. This case was settled for $95,000 in damages.
- In April 1991, a customer alleged that Barry Speyer executed unsuitable option trades. This case went to arbitration, where the customer was awarded $200,000 in damages.
- In June 2003, a customer alleged that Barry Speyer executed unauthorized options trades. This case went to arbitration where the customer was awarded $18,030 in damages.
- In March 2009, a customer alleged that Barry Speyer purchased unsuitable auction rate securities on behalf of the customer. This case was settled for $250,000 in damages.
- In January 2019, a customer alleged that Barry Speyer recommended unsuitable investments. This case was settled for $13,500 in damages.
- In August 2019, another customer alleged that Barry Speyer recommended unsuitable investments. This case was settled for $750,000 in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. This is known as their fiduciary duty. One of the most important aspects of this duty is making sure that their customers are only invested in securities that they are financially suited for. Brokers can determine if an investment is suitable for their customer by analyzing important information provided by the investor. This includes the investor’s age, risk tolerance, liquidity needs, financial situation, and investment objectives. Brokers unable to determine suitability from these factors lack the ability to perform their duties to the standard required of someone in their position.
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 Speyer, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
