The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Benjamin Bourgeois. According to his publicly available FINRA BrokerCheck report, Benjamin Bourgeois has been the subject of multiple customer disputes.
Benjamin Bourgeois was a Louisiana based securities broker. He worked in the securities industry for twenty-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
- F.N. Wolf & Co. (1991-1994)
- Dickinson & Co. (1994-1996)
- American Fronteer Financial Corporation (1996-2000)
- Invest Financial Corporation (2000)
- Sisung Securities Corporation (2000-2001)
- FBT Investments (2001-2009)
- Sterne, Agee & Leach (2009-2014)
- LPL Financial (2014-2015)
- Commonwealth Financial Network (2015-2019)
The Allegations
- In November 2002, a customer alleged that Benjamin Bourgeois placed her in an unsuitable variable annuity and did not disclose the contingent, associated sales charges or the investment risks. This case was settled for $9,000 in damages.
- In April 2019, it was alleged that Benjamin Bourgeois converted customer funds by having them making personal checks out to him. He allegedly told the customer that he would use the funds for investment purposes; however, instead converted the funds for his own personal use. This case is currently pending. The customer is seeking $519,000 in damages.
- In May 2019, during a FINRA investigation into the above mentioned matter, Benjamin Bourgeois allegedly failed to comply with their request for information. Due to his alleged failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.
- In September 2019, another customer alleged that Benjamin Bourgeois had them write multiple personal checks to him and then deposited said checks into his personal bank account for his own personal use. This case is also currently pending.
What Does This Mean?
Converting a customer’s funds is the most blatant and fraudulent act that a securities broker could ever commit against an investor. The relationship between investors and securities brokers can only exist if their is trust between the parties. Investors could never leave their hard earned money with an individual they could not trust with it. Securities brokers like Benjamin Bourgeois scare investors away from trusting brokers all together. Their selfish actions work toward the erosion of the trust and the eventual downfall of the investor/securities broker relationship.
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 Bourgeois, 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.
