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

Charles Bloom was a Florida based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Acument Securities (2000-2002)
  • 1st Discount Brokerage (2002-2006)
  • U.S. Brokerage (2007-2014)
  • IAA Financial (2014-2015)
  • International Assets Advisory (2015)
  • Chelsea Financial Services (2016-2018)

The Allegations

  • In November 2006, a customer alleged that Charles Bloom initiated active trading in their account which resulted in significant losses. This case was settled for $50,000 in damages.
  • In December 2006, Charles Bloom resigned from his position at 1st Discount Brokerage. This was due to allegations that he took part in unauthorized day trading in customers accounts.
  • In November 2017, a customer alleged that Charles Bloom made unsuitable recommendations and misrepresentations with regard to a Real Estate Investment Trust purchase. This case is currently pending. The customer is seeking $99,326 in damages.
  • In July 2018, Charles Bloom was officially sanctioned by FINRA. This was due to allegations that he failed to appear for on-the-record testimony FINRA requested of him during an investigation into allegations that Bloom took part in an unsuitable pattern of trading in at least three customer accounts. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.

Unsuitable Trading

Securities brokers have an obligation to their customers to only recommend trades that they are financially suited for. However, many less than scrupulous securities brokers often ignore this obligation. Brokers are expected to determine suitability by looking at factors like the customer’s investment objectives, financial situation, risk tolerance, and liquidity needs. Most investors lack the knowledge and experience to invest suitably on their own. That is why most rely on securities brokers to recommend investments that are actually suitable for them based on the above mentioned factors.

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 Charles Bloom, 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.