The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Bruce Plyer. According to his publicly available FINRA BrokerCheck report, Bruce Plyer has been the subject of multiple customer disputes.
Bruce Plyer was a New Jersey-based securities broker. He worked in the securities industry for twenty-nine years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Lehman Brothers (1987-1993)
- Citigroup Global Markets (1993-2009)
- Morgan Stanley (2009-2016)
- International Assets Advisory (2016-2017)
The Allegations
- In January 1999, a customer alleged that Bruce Plyer handled their account negligently, breached his fiduciary duty, breached contract, executed unauthorized trades, committed fraud, engaged in fraudulent concealment, and recommended unsuitable investments. This case was settled for $190,000 in damages.
- In February 2011, a customer alleged that Bruce Plyer engaged in unsuitable and excessive margin trading. This case was settled for $600,000 in damages.
- In November 2016, Bruce Plyer was terminated from his position at Morgan Stanley following allegations of unauthorized trading.
- In October 2018, Bruce Plyer was sanctioned by FINRA. The findings state that he alleged failed to comply with a FINRA investigation in the above mentioned allegations of unauthorized trading. Due to this alleged failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.
Unauthorized Trading
There is a common misconception among investors that hiring a securities broker means they have relinquished control over their account to said broker. This is most certainly not the case. Securities brokers are required to obtain their customers’ authorization before executing a transaction on their behalf. Securities brokers who forgo this procedure often do so because the investment they wish to place their customers in is one that is unsuitable for them.
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 Plyer, 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.
