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

Charles Lundell was a Washington based securities broker. He worked in the securities industry for forty-nine 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

  • Foster & Marshall (1967-1982)
  • Piper, Jaffray & Hopwood Incorporated (1982-1988)
  • Prudential Securities Incorporated (1988-1991)
  • Everen Securities (1991-1995)
  • First Montauk Securities Corp. (1995-2008)
  • First Allied Securities (2008-2017)

The Allegations

  • Charles Lundell was terminated from his position at First Allied Securities in March 2017. This was due to allegations that he exercised discretion in client accounts without getting approval from his member firm. In November 2017, he was officially sanctioned by FINRA due to the allegations. Due to these alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of thirty-business days.
  • In October 2017, a customer alleged that Charles Lundell breached contract, handled their account negligently, and breached his fiduciary duty. This case was settled for $90,513 in damages.

What Does This Mean?

The relationship between brokers and investors can only exist if there is trust. Investors would not be able to leave their money with a separate party if they could not trust that it would be taken care of. The reason this trust exists is because investors know that brokers are bound by their fiduciary duty to act in their customers’ best financial interests. Brokers who breach this duty work toward the erosion of that trust.

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 Lundell, 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.