The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Christopher Neston. According to his publicly available FINRA BrokerCheck report, Christopher Neston has been the subject of multiple customer disputes over the course of his career.
Christopher Neston is presently operating as a Minnesota based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with four different securities firms.
His Registrations
- Franklin Financial Services Corporation (1996-2002)
- American General Securities (2002-2005)
- Next Financial Group (2005-2011)
- Ausdal Financial Partners (2011-Present)
The Allegations
- In September 2017, a customer alleged that Christopher Neston made an unsuitable recommendation that they move their money from a defined benefit plan to a Jackson annuity. The customer also alleged that Christopher Neston recommended the purchase of UDF–a speculative and illiquid alternative investment. This case was settled for $75,000 in damages.
- In May 2019, a customer alleged that Christopher Neston recommended unsuitable, illiquid alternative investments. The customer also alleged that Christopher Neston falsified information about how the investments were doing. This case is currently pending. The customer is seeking $466,800 in damages.
What Are Alternative Investments?
Alternative investments are privately traded securities not sold on any public securities exchanges. Due to their private nature, there is a great potential for oversight when dealing with these products. Less than scrupulous securities brokers may use this to their advantage because it gives them the opportunity to misrepresent these products as safe and consistently lucrative. In reality, nothing could be further from the truth. Alternative investments are incredibly speculative and illiquid investments that are unsuitable for most investors. Despite this, less than scrupulous securities continue to push these products unto unknowing investors because of the incredibly high commissions they receive when doing so. Broker commissions for these alternative products can be as high as ten percent of the investor’s principal. This is compounded with other upfront fees that can drain an investor’s principal of up to 17 percent in total. When an individual’s principal is lowered that significantly, it becomes almost impossible for them to see any returns under anything besides booming market conditions.
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 Christopher Neston, 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.
