The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Charles Euler. According to his publicly available FINRA BrokerCheck report, Charles Euler was the subject of multiple customer disputes over the course of his career.
Charles Euler was a Pennsylvania-based securities broker who worked in the securities industry for forty-seven years. During his career, he had been registered with two different securities firms.
- Euler & Co. (1970-1984)
- Janney Montgomery Scott (1984-2018)
- In March 2016, customers alleged that Charles Euler had executed unsuitable investments in their accounts. This case was settled for $75,000 in damages.
- In April 2016, customers alleged that Euler had executed investments that were unsuitable with their objectives in their accounts. This case was settled for $40,000 in damages.
- In May 2016, customers alleged that Euler misrepresented and omitted information about securities purchased in their account, made unsuitable investments, and executed unauthorized trades. This case was settled for $350,000 in damages.
- In May 2016, a customer alleged that Euler misrepresented and omitted information about securities purchased in their account, made unsuitable investments, and executed unauthorized trades. This case was settled for $250,000 in damages.
- In January 2017, a customer alleged that Euler recommended investments that were unsuitable and overly concentrated. This case was settled for $150,000 in damages.
- In June 2018, a customer alleged that Euler recommended investments that were unsuitable and resulted in over-concentration and losses in his account. This case was settled for $45,000 in damages.
- In April 2020, Euler was officially sanctioned by FINRA for refusing to appear for on-the-record testimony requested by FINRA in connection with an investigation into whether he made unsuitable investment recommendations or not. As a result of these findings, Euler was barred from acting as a securities broker in any fashion indefinitely.
What Does This Mean?
Securities brokers have a legal and ethical obligation to always act in their customers’ best financial interests. This obligation is the investment broker’s duty as a fiduciary. This duty compels brokers to choose investments for their customers that are actually suitable for them based on factors that include investment objectives, financial situation, risk tolerance, and liquidity needs. Brokers who invest their customers contrary to these factors either do so in an attempt to defraud the investor, or are just incredibly negligent. Either of which disqualify the broker from being able to perform their duties to the necessary standards required for their position.
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 due to this fraud or negligence 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 Euler, 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.