The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Clay Rucker. According to his publicly available FINRA BrokerCheck report, Clay Rucker has been the subject of a customer dispute in his career. Clay Rucker is a Georgia based securities broker. He has worked in the securities industry for thirty-three years. During his career, he has been registered with six different securities firms.

His Registrations

  • The Robinson-Humphrey Company (1985-1988)
  • Lehman Brothers Inc. (1988-1991)
  • Bear, Stearns & Co. (1991-1992)
  • Alex Brown & Sons Incorporated (1992-1994)
  • A.G. Edwards & Sons (1994-1997)
  • Raymond James & Associates (1997-Present)

The Allegations

In June 2017, a customer alleged that Clay Rucker executed unauthorized trades, engaged in self-dealing, engaged in gross misconduct, breached his fiduciary duty, churned their account, made false representations, made material omissions of fact, recommended unsuitable investments, managed their account negligently, committed fraud, breached contract, and violated the Georgia Securities Act. This case was settled for $1.3 million in damages.

Churning

Churning is a deceptive trading practice instituted by securities brokers like Clay Rucker. It centers around the securities broker trading a customer’s account excessively even if it has no financial benefit to the investor. The reason they do it then is because it generates additional commissions for each trade they execute. Despite its fraudulent nature, many securities brokers continue to engage in this practice.

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 Clay Rucker, 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.