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. The law firm of Oakes & Fosher is interested in hearing from investors who think this might be them.
Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Brandon Stimpson. According to his publicly available FINRA BrokerCheck report, Brandon Stimpson has been the subject of multiple customer disputes.
Brandon Stimpson was a Utah based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with six different securities firms.
His Registrations
- Jefferson Pilot Securities Corporation (2000-2002)
- Equity Services (2002-2007)
- Insphere Securities (2007-2010)
- Signator Financial Services (2010-2014)
- Allegis Investment Services (2014-2017)
- United Planners’ Financial Services of America (2019)
The Allegations
- In November 2015, a customer alleged that a trade placed in their account by Brandon Stimpson was outside the scope of the strategy. This case was settled for $35,000 in damages.
- In June 2016, a customer alleged that the strategy implemented by Brandon Stimpson was unsuitable and resulted in loss to them. This case is currently pending. The customer is seeking $400,000 in damages.
- In January 2017, a customer alleged that Brandon Stimpson over-concentrated their portfolio in high risk securities that were unsuitable given their investment objectives. This case went to arbitration where the customer was awarded $287,350 in damages.
- In October 2017, a customer alleged that Brandon Stimpson placed them in an unsuitable options trading strategy. This case is currently pending. The customer is seeking $300,000 in damages.
- Brandon Stimpson was discharged from his position at Allegis Investment Advisors in December 2017. This followed allegations that he failed to follow firm’s policies and code of ethics.
- In December 2017, a customer alleged that Brandon Stimpson breached his fiduciary duties, breached contract, and handled their account negligently. This case was settled for $48,000 in damages.
- In June 2019, a customer alleged that Brandon Stimpson recommended unsuitable securities, over-concentrated their account, engaged in unauthorized trading, engaged in deceptive practices, and breached his fiduciary duty. This case is currently pending. The customer is seeking approximately $2.5 million in damages.
Unsuitability
Securities brokers, like Brandon Stimpson, are bound by a fiduciary duty to always act in the best financial interests of their customers. The main part of this is only recommending securities to customers that are suitable for them. Brokers are required to conduct the necessary due diligence that is required for them to discern a customer’s suitability. This is done by analyzing the customer’s investment objectives, financial situation, risk tolerance, and liquidity needs. Securities brokers cannot excuse themselves by claiming they were unaware of an investment’s, or an investment strategy’s, unsuitability.
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 Brandon Stimpson, please contact Oakes & Fosher for a free and private consultation.
