The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Carl Antaki. According to his publicly available FINRA BrokerCheck report, Carl Antaki has been the subject of multiple customer disputes during his career.
Carl Antaki is a New York based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with six different securities firms.
His Registrations
- Weatherly Securities Corporation (2000-2001)
- Ehrenkrantz King Nussbaum (2001-2005)
- Empire Financial Group (2005-2008)
- Rockwell Global Capital (2008-2015)
- First Standard Financial Company (2015-2019)
- Network 1 Financial Securities (2019-Present)
The Allegations
- In November 2001, a customer alleged that Carl Antaki executed trades on their behalf that were unauthorized. This case went to arbitration where the customer was awarded $20,000 in damages.
- In March 2008, Carl Antaki was discharged from his position at Empire Financial Group following allegations that he failed to follow instructions to place a stop loss order.
- In September 2015, a customer alleged that Carl Antaki charged them excessive commissions, recommended unsuitable investments, and engaged in unsuitable margin trading on their behalf. This case was settled for $62,500 in damages.
- In October 2017, a customer alleged that Carl Antaki committed fraud, made material misrepresentations, churned their account, charged them excessive commissions, and breached his fiduciary duty. This case was settled for $8,750 in damages.
- In March 2019, a customer alleged that Carl Antaki recommended unsuitable investments. This case is currently pending. The customer is seeking $100,000 in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Carl Antaki can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, investing customers unsuitably disqualifies them from the ability to perform their duties in a suitable manner.
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 Carl Antaki, 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.
