Oakes & Fosher is currently investigating the possible misconduct of securities broker Clarence Mark Tingle. According to his publicly available FINRA BrokerCheck report, Mark Tingle has been the subject of multiple customer disputes.
Clarence Mark Tingle is a Delaware based securities broker. He has worked in the securities industry for twenty-four years. He has spent his entire career registered with Morgan Stanley.
The Allegations
- In October 2009, a customer alleged that Clarence Mark Tingle failed to follow instructions.
- In October 2014, a customer alleged that Clarence Mark Tingle excessively traded their account. This case was settled for $40,954 in damages.
- In November 2015, he was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in customer accounts without receiving written authorization to do so. 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 fifteen business days.
Excessive Trading
Securities brokers have an obligation to their customers to trade their customers’ accounts responsibly regarding the frequency of the trading. Some less than scrupulous securities brokers trade their customers accounts excessively even if it has no benefit to the customer. This act can be done with or without the customer’s authorization. Even if customers approve the trades being made they often do not realize how detrimental the excessive trading is to them. The main motivation for this act is the fact that it increases the commissions earned by the securities broker. A broker trading an investor’s account excessively with the express purpose of generating larger commissions for themself is known as churning–which constitutes as fraud.
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 Clarance Mark Tingle, 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.
