The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Ben Dembla. According to his publicly available FINRA BrokerCheck report, Ben Dembla has been the subject of multiple customer disputes.
Ben Dembla was an Illinois based securities broker. He worked in the securities industry for fifteen years. He spent his entire career registered with just Merrill Lynch. He is no longer working as a registered securities broker in any fashion.
The Allegations
- In January 2016, customers alleged that Ben Dembla recommended unsuitable investments. This case was settled for $200,000 in damages.
- In January 2017, a customer alleged that Ben Dembla recommended unsuitable investments. This case was settled for $110,000 in damages.
- Also in January 2017, another customer alleged that Ben Dembla recommended unsuitable investments. This case was settled for $167,000 in damages.
- In October 2017, a customer alleged that Ben Dembla excessively traded their account and recommended unsuitable investments. This case was settled for $95,000 in damages.
- In August 2016, Ben Dembla was discharged from his position at Merrill Lynch. This termination followed allegations that he circumvented firm limitations on the accumulation of mutual fund shares in customer accounts. Essentially he entered and then canceled fictitious mutual fund sell orders in order to work around the restrictions his firm had on the amount of Class B mutual fund shares an investor can own. Dembla was later barred by FINRA from acting as a securities broker in any fashion in February 2019 due to these alleged actions.
What Does This Mean?
The allegations that led to Ben Dembla being terminated from his member firm portray a form of fraud. Securities fraud encompasses any deceitful behavior committed by a securities broker to further their own financial interests. Dembla’s firm had these restrictions about the amount of Class B mutual fund shares for a reason. It could be financially detrimental to investors if they owned too many. Allegedly, Dembla not only ignored his firm’s policies, but actively engaged in a scheme to circumvent them. These alleged actions constitute as fraud, as Ben Dembla’s alleged actions were very deceptive both against his firm and the investor.
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 Ben Dembla, 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.
