The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Bernard Adair. According to his publicly available FINRA BrokerCheck report, Bernard Adair has been the subject of multiple customer complaints over the course of his career.

Bernard Adair is a Florida based securities broker. He has worked in the securities industry for thirty-two years. During his career, he has been registered with six different securities firms.

His Registrations 

  • Welco Securities (1986-1987)
  • First American Asset Management Group (1986-1988)
  • Gulfstream Financial Associates (1987-1990)
  • Prescott, Ball & Turben, Inc. (1990)
  • Dominick & Dominick, Incorporated (1990-1991)
  • Merrill Lynch (1991-Present)

The Allegations

  • In October 1996, a customer alleged that Bernard Adair traded their account unsuitably and without authorization. The customer also alleged that Bernard Adair engaged in an unsuitable use of margin. This case was settled for $75,000 in damages.
  • In May 1999, a customer alleged that Bernard Adair misrepresented information regarding commissions he would receive.
  • In August 2003, a customer alleged that Bernard Adair recommended unsuitable securities, executed unauthorized trades, and over-concentrated his account in equities. This case was settled for $22,500 in damages.
  • In June 2009, a customer alleged that Bernard Adair recommended unsuitable investments, executed unauthorized trades, and failed to follow instructions. This case was settled for $45,000 in damages.
  • In July 2019, the power of attorney for a customer alleged that Bernard Adair made an unsuitable recommendations, misrepresented material details, and inadequately completed variable annuity account documentation. This case is currently pending. The customer is seeking $550,000 in damages.

What Does This Mean?

The most noteworthy allegation levied against Bernard Adair was that he made unsuitable investment recommendations. Securities brokers have an obligation to their customers to only recommend securities that are suitable for them. They cannot excuse themselves by claiming they were unaware of an investment’s unsuitability. This is because it is a requirement of securities brokers, like Bernard Adair, to conduct the necessary due diligence to discern an investor’s suitability based on factors like their investment objectives, risk tolerance, financial situation, and liquidity needs.

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 Bernard Adair, please contact Oakes & Fosher for a free and private consultation.