The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Cecil Ross. According to his publicly available FINRA BrokerCheck report, Cecil Ross has been the subject of a customer dispute.

Cecil Ross is a Texas-based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with four different securities firms.

His Registrations

  • Edward D. Jones & Co. (1993-1995)
  • Merrill Lynch (1995-1997)
  • Edward Jones (1997-2004)
  • Raymond James Financial Services (2004-2014)
  • LPL Financial (2014-2019)
  • International Assets Advisory (2019-Present)

The Allegations 

  • In June 2014, a customer alleged that Cecil Ross recommended unsuitable investments and took part in excessive trading. This case went to arbitration where the customer was awarded $100,000 in damages.
  • In December 2019, Cecil Ross was officially sanctioned by FINRA. The findings in this matter state that Cecil Ross engaged in a highly unsuitable pattern of short-term Unit Investment Trust trading in the accounts of multiple customers. Due to these alleged actions, Cecil Ross was fined $5,000 and was suspended from acting as a securities broker in any fashion for a period of four months.

What Does This Mean?

Unit Investment Trusts, or UITs, are securities that encompass a wide variety of equities sold as individual units. They are similar to mutual funds in this regard. However, unlike mutual funds, UITs must be held onto for longer periods of time before they can mature. Cecil Ross allegedly recommended multiple customers trade these products on a short-term basis, which not only prevented the investments from maturing, but also caused these customers to incur significant sales charges associated with the excessive trading that they would otherwise have not incurred.

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 Cecil Ross, 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.