Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Bryan Clark. According to his publicly available FINRA BrokerCheck report, Bryan Clark has been the subject of multiple customer disputes.
Bryan Clark was a California based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with eight different securities firms. He is no longer working as a registered securities broker. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Pruco Securities (1998)
- Peregrine Financials & Securities (2000-2002)
- Spencer Edwards (2003)
- Wamu Investments (2003-2007)
- Wells Fargo Advisors (2007-2010)
- UnionBanc Investment Services (2010)
- LPL Financial (2010-2015)
- Madison Avenue Securities (2015-2018)
The Allegations
- In June 2008, a successor trustee alleged that Bryan Clark unsuitably recommended the previous trustee liquidate common stocks to purchase an annuity. This case was settled for $76,043 in damages.
- In October 2014, a customer alleged that Bryan Clark misrepresented a variable annuity.
- In August 2019, Bryan Clark was officially sanctioned by FINRA. The findings in this matter state that Clark failed to comply with a FINRA investigation into allegations that he engaged in unapproved private securities transactions. Due to this alleged failure to comply, Bryan Clark was officially barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Securities brokers are not allowed to engage in business ventures outside their member firm’s scope without first disclosing the extent of their involvement to said member firm. This is because outside business activities can often cause significant conflicts of interest for securities brokers. Less than scrupulous securities brokers might find themselves recommending private investments to their member firm customers because they have a financial stake in the security, because they are receiving cash incentives from a third party to do so, or simply because they receive an incredibly high commission when the transaction is executed. Possible conflicts of interest might cause brokers to recommend these private investments to customers that are not financially suited for them. Securities firms want to prevent this type of thing from taking place and thus require all of its brokers to disclose this information prior to engagement. This is because it gives firms the opportunity to decide if an actual conflict of interest exists or if any investor might be harmed by the broker’s actions.
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 Bryan Clark, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
