The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Benjamin Aibel. According to his publicly available FINRA BrokerCheck report, Benjamin Aibel has been the subject of multiple customer complaints.

Benjamin Aibel was a New York based securities broker. He worked in the securities industry for forty-seven years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Aibel, Gwirtzman & Co. (1968-1977)
  • Rosenkrantz, Ehrenkrantz, Lyon & Ross Incorporated (1977-1981)
  • Silberg, Rosenthal & Co. (1981-1990)
  • Schroder & Co. (1990-2000)
  • Salomon Smith Barney (2000-2003)
  • Advest, Inc. (2003-2005)
  • Oppenheimer & Co. (2005-2010)
  • Sanders Morris Harris (2010-2012)
  • Wunderlich Securities (2012-2015)

The Allegations

  • In March 2002, a customer alleged that Benjamin Aibel churned their account and placed them in unsuitable investments. This case was settled for $82,500 in damages.
  • In October 2002, a customer alleged that Benjamin Aibel misrepresented a bond investment. This case was settled for $46,500 in damages.
  • Also in October 2002, another customer alleged that Benjamin Aibel misrepresented a bond to them. This case was settled for $57,040 in damages.
  • Also in October 2002, yet another customer alleged that Aibel misrepresented a bond to them. This case was settled for $58,900 in damages.
  • In October 2015, a customer alleged that Benjamin Aibel placed them in unsuitable investments, executed unauthorized trades, breached his fiduciary duty, and handled their account negligently. The alleged transgressions taking place between December 2012 and July 2015. This case was settled for $157,500 in damages.

Benjamin Aibel was eventually barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

The reason that investors hire securities brokers in this first place is because most investors lack the investment knowledge and experience to invest suitably on their own behalf. The most important aspects of a securities broker’s job is the ability to recommend suitable investments to their customers. Brokers like Benjamin Aibel can determine this suitability by looking at factors like investment objectives, financial situation, age, annual income, risk tolerance, and liquidity needs. When things go awry, brokers are not allowed to excuse what happened by claiming they were unaware of an investment’s unsuitability.

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 Benjamin Aibel, please contact Oakes & Fosher for a free and private consultation.