The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Brian Parker. According to his publicly available FINRA BrokerCheck report, Brian Parker has been the subject of multiple customer disputes and a FINRA sanction.
Brian Parker was a Louisiana based securities broker. He worked in the securities industry for twenty-five years. During his career, he was registered with eight different securities firms. He is not currently working as a registered securities broker in any fashion.
His Registrations
- Fidelity Equity Services Corporation (1991)
- Pro-financial (1992-1995)
- Securities America (1995-1997)
- SunAmerica Securities (1997-1998)
- National Planning Corporation (1999-2000)
- Park Avenue Securities (2000-2011)
- MML Investors Services (2011-2015)
- USA Financial Securities Corporation (2015-2017)
The Allegations
- In December 2001, a customer’s daughter alleged that Brian Parker recommended a highly unsuitable variable annuity. This case was settled for $8,066 in damages.
- In May 2016, customers alleged that Brian Parker recommended unsuitable variable annuities and misrepresented said annuities. This case was settled for $29,000 in damages.
- In October 2019, Brian Parker was officially sanctioned by FINRA. The findings in this matter state that Parker directed his assistant to impersonate one of his customers to obtain a change in beneficiary form. Brian Parker also allegedly forged a customer’s initials on a suitability form and falsified a transfer of assets form by reusing a previously-executed signature page from another form. Due to these alleged actions, Brian Parker was fined $10,000 and suspended by FINRA from acting as a securities broker in any fashion for a period of four months.
What Does This Mean?
Forgery is a serious accusation for anyone, but it can be especially dangerous when coming from a securities broker. This is because brokers are required to act responsibly towards their clients– this is known as their fiduciary duty. This duty serves as the foundation of trust between an investor and a broker, and brokers that violate this duty work to erode that trust. Forgery is one way this can be done, and it involves brokers assuming the identity of their client for the purpose of signing documents. This can often completely dismiss the investor from the process entirely and remove control from their hands. Often, such as in the case of Brian Parker, brokers will use this to commit fraudulent acts.
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 Brian Parker, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
