Many investors are unaware of the legal recourse available to them after losing money due to securities broker misconduct. The truth is that investors who have lost money in this fashion may actually be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this is them.
Oakes & Fosher is currently investigating the possible misconduct of former securities broker Beth Debouvre. According to her publicly available FINRA BrokerCheck report, Beth Debouvre has been the subject of multiple customer disputes.
Beth Debouvre operated most recently as a Michigan based securities broker. She worked in the securities industry for eighteen years. During her career, she was registered with three different securities firms.
Her Registrations
- Banc One Securities Corporation (1999-2001)
- D.H. Hill Securities (2001-2003)
- IMS Securities (2003-2017)
The Allegations
- In May 2016, a customer alleged that she breached her fiduciary duty, made unsuitable investment recommendations, failed to perform due diligence, handled their account negligently, breached contract, committed fraud, and violated multiple securities laws. This case was settled for $48,383 in damages.
- In November 2016, a customer alleged misrepresentation, breach of fiduciary duty, and negligence. This case is currently pending. The customer is seeking $100,000 in damages.
- In May 2017, another customer alleged breach of fiduciary duty, unsuitable investment recommendations, failure to perform due diligence, negligence, breach of contract, fraud, and violation of securities laws. This case is currently pending. The customer is seeking $285,000 in damages.
- In June 2017, a customer alleged that Beth Debouvre made unsuitable investment recommendations. This case is currently pending. The customer is seeking $245,000 in damages.
- Also in June 2017, a customer alleged that Beth Debouvre committed fraud, breached her fiduciary duty, engaged in civil conspiracy and civil rico conspiracy. This case is currently pending. The customer is seeking $954,700 in damages.
- In September 2017, a customer alleged that Beth Debouvre violated the Securities Exchange Act of 1934, made unsuitable investment recommendations, breached her fiduciary duty, and committed common law fraud. This case is currently pending. The customer is seeking $400,000 in damages.
What Does This Mean?
One of the most noteworthy allegations filed against Beth Debouvre was that she made unsuitable investment recommendations. Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by factors that include the customer’s financial situation, investment objectives, risk tolerance, and liquidity needs. Securities brokers, like Beth Debouvre, are expected to conduct the necessary due diligence required to discern a customer’s suitability by analyzing the above mentioned factors.
Another noteworthy allegation levied against Beth Debouvre was that of negligence. Investing in securities take a lot of monitoring. That is one of the reasons that investors hire securities brokers in the first place–so that they can monitor their investments. Despite this, there are many securities brokers, like Beth Debouvre, that neglect some of their customers’ account which in turn causes them financial losses.
Oakes & Fosher Can Help
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Beth Debouvre, please contact Oakes & Fosher for a free and private consultation.
