The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Casey Rodriguez. According to his publicly available FINRA BrokerCheck report, Casey Rodriguez has been the subject of multiple customer disputes.

Casey Rodriguez was a New York based securities broker. He worked in the securities industry for ten years. During his career, he was registered with eight different securities firms.

His Registrations

  • Gunnallen Financial (2005)
  • The Concord Equity Group (2006-2007)
  • Prestige Financial Center (2007-2008)
  • First Midwest Securities (2008)
  • Brookstone Securities (2008-2012)
  • Whitewood Group (2012)
  • Chelsea Financial Services (2012-2015)
  • Arive Capital Markets (2015-2016)

The Allegations

  • In January 2011, a customer alleged that Casey Rodriguez churned their account, recommended unsuitable investments, breached both written and oral contracts, engaged in fraud, omitted material facts, breached his fiduciary duty, and handled their account negligently. This case was settled for $25,000.
  • In September 2015, a customer alleged that Casey Rodriguez churned their account, recommended unsuitable securities, engaged in margin abuse, breached his fiduciary duty, breached contract, engaged in fraud, and made material misrepresentations. This case went to arbitration where the customer was awarded $72,132 in damages. In 2017, Casey Rodriguez was suspended, and eventually barred by FINRA due to allegations that he failed to comply with the above mentioned award.
  • In February 2018, a customer alleged that Casey Rodriguez recommended unsuitable securities. This case was settled for $15,000 in damages.

What Does This Mean?

One of the most notable allegations levied against Casey Rodriguez was that of churning. This is a fraudulent trading practice that takes place when a securities broker excessively trades an investor’s account with the express purpose of generating additional commissions. Brokers receive a percentage of the investor’s principal investment whenever executing a trade on their behalf. Some brokers will take advantage of this fact and continuously execute excessive and unnecessary trades to increase the amount they receive in commissions. Churning can be financially detrimental to investors due to the unnecessary fees and trading losses that it can cause them to incur.

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 Casey Rodriguez, 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.