The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Bruce Edward Smith. According to his publicly available FINRA BrokerCheck report, Bruce Edward Smith has been the subject of multiple customer disputes over the course of his career.
Bruce Edward Smith is an Oklahoma based securities broker. He has worked in the securities industry for twenty-seven years. He has spent his career registered with just two different securities firms.
His Registrations
- IDS Life Insurance Company (1992-2006)
- Ameriprise Financial Services (1992-Present)
The Allegations
- In December 2014, a customer alleged that the amount of funds they allowed for investing in Behringer Harvard non-traded REITs and KBS non-traded REITs was largely exceeded by Bruce Edward Smith.
- In December 2018, customers alleged that Bruce Edward Smith recommended that they overconcentrate their account in both KBS and Harvard Opportunity REITs. They also alleged that he charged excessively high advisory fees. According to the claimants, between 2008 and 2016, their accounts decreased from $500,000 to $220,000 due to the alleged unsuitable investment advice from Bruce Edward Smith. This case was settled for $30,000 in damages.
Non-Traded REITs
Non-traded REITs, also known as real estate investment trusts, are privately traded securities not traded on public stock exchanges. These alternative types of investments are incredibly illiquid and speculative securities that can do irreparable damage to investors. They also generate irresponsibly high commissions for the brokers that, compounded with other upfront fees, drastically lower investor principals. This lowers the investor’s chances of seeing any investment returns under anything besides booming market conditions.
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 Bruce Edward Smith, 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.
