The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct of former securities broker Clint Stoffels. According to his publicly available FINRA BrokerCheck report, Clint Stoffels was the subject of a customer complaint filed in May 2017.

Clint Stoffels was a Texas based securities broker. He worked in the securities industry for just four years. He spent his entire career registered with UBS Financial Services between 2011 and 2015.

The Allegations

In May of 2017, customers’ alleged that Clint Stoffels churned their account, misrepresented material details, recommended unsuitable options and mutual funds, and solicited funds for private investments. This case was settled for $500,000 in damages.

What Does This Mean?

Securities brokers have a legal obligation to act only in the best interests of their customers. Despite this, many less than scrupulous securities brokers take part in self-serving practices like churning. Churning is a fraudulent and deceptive practice that involves a securities broker excessively trading a customer’s account with the express purpose of generating more commissions. This process is so detrimental to the customer due to the significant amount it lowers their principal investment. When an investor’s principal is lowered substantially, it becomes almost impossible for them to make a profit under anything besides exceptional market conditions.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence or fraud. 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 Clint Stoffels, 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.