The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Colin Hammer. According to his publicly available FINRA BrokerCheck report, Colin Hammer has been the subject of multiple customer disputes over the course of his career.

Colin Hammer is an Ohio based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with four different securities firms.

His Registrations

  • IDS Life Insurance Company (1999-2000)
  • American Express Financial Advisors (1999-2000)
  • McDonald Investments Inc. (2000-2005)
  • Morgan Stanley (2005-Present)

The Allegations

  • In November 2015, an attorney, on behalf of a customer, alleged that Colin Hammer recommended an unsuitable annuity.
  • In June 2016, a customer alleged that Colin Hammer made unsuitable recommendations.
  • In July 2016, a customer alleged that Colin Hammer made unsuitable recommendations concerning equity investments. This case was settled for $225,000 in damages.
  • In January 2018, Colin Hammer was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in two customers’ accounts without written authorization from the customers or without the firm having accepted the accounts as discretionary. Due to his alleged actions he was fined $2,500 and suspended for a period of ten business days.

What Does This Mean?

Discretion is a trading practice that allows securities brokers the opportunity to execute trades in specific customers’ accounts without obtaining the customer’s authorization prior to execution. However, before a broker can begin engaging in this type of trading, securities brokers must receive express written authorization from the account holder. They must also have their member firm accept the account in question as suitable for discretionary trading. Any circumvention of this procedure can result in financial harm to investors.

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 Colin Hammer, 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.