The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Clifford Vatter. According to his publicly available FINRA BrokerCheck report, Clifford Vatter has been the subject of multiple customer disputes.

Clifford Vatter was a Kentucky based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • J.C. Bradford & Co. (1983-2000)
  • UBS Painewebber Inc. (2000-2002)
  • Morgan Keegan & Company (2002-2013)
  • Raymond James (2013-2017)

The Allegations

  • In January 1999, a customer alleged that Clifford Vatter made an unsuitable investment recommendation. This case went to arbitration where the customer was awarded $30,000 in damages.
  • In May 1999, a Catholic parish alleged that Clifford Vatter made unauthorized and unsuitable purchases of high yield bonds in accounts containing cemetery and school funds. This case was settled for $150,000 in damages.
  • In April 2001, customers alleged that Clifford Vatter made material misrepresentations and unsuitable recommendations concerning high yield municipal bonds. This case was settled for $250,000 in damages.
  • In April 2009, a customer alleged that Clifford Vatter made unauthorized withdrawals. The customer also alleged that Vatter provided him with incorrect information regarding taxes. This alleged action resulted in significant financial loss, tax liability, penalties, interest, and accounting fees. This case was settled for $13,300 in damages.
  • In September 2016, a customer alleged that Clifford Vatter recommended unsuitable investments, made material misrepresentations and omissions of fact, breached contract, committed constructive fraud, breached his fiduciary duty, managed their account negligently, and violated the Kentucky Securities Act. This case was settled for $250,000 in damages.
  • In July 2017, Clifford Vatter was discharged from his position at Raymond James. This termination followed allegations that he executed unauthorized trades in a customer’s account. He was sanctioned by the state of Kentucky in March 2018 for the same allegations and was in turn barred from acting as a securities broker in any fashion in the state of Kentucky.

Unauthorized Trading

There is a common misconception among investors that hiring a securities broker equates to essentially surrendering control of your account. This is most certainly not the case. Securities brokers are still required to obtain the account holder’s authorization before executing trades on their behalf. If a securities broker forgoes this, it is often because the trade they wish to execute is highly unsuitable and one that they have no business recommending in the first place.

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 Clifford Vatter, 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.