The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Corey Lee Mireau. According to his publicly available FINRA BrokerCheck report, Corey Lee Mireau has been the subject of a customer dispute and a FINRA sanction.
Corey Lee Mireau was a Minnesota based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with just two different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- IDS Life Insurance Company (1998-2008)
- Ameriprise Financial Services (1998-2017)
The Allegations
- In November 2017, a customer alleged that they invested in a private e-cigarette company known as Vapor Distribution Inc. on Corey Lee Mireau’s recommendation. The customer alleged that this investment was highly unsuitable given their risk tolerance and investment objectives. The customer allegedly lost $215,000 of his principal $250,000 investment. This case was settled for $80,000 in damages.
- In April 2019, Corey Lee Mireau was officially sanctioned by FINRA. The findings in this matter state that he borrowed $150,000 from a customer to invest in the same e-cigarette business that was mentioned above. This alleged action violated his member firm’s policies regarding soliciting loans from customers, and engaging in undisclosed private securities transactions. Due to these alleged actions, he was fined $15,000, forced to pay $154,458 in restitution, and suspended from acting as a securities broker in any fashion for two years.
What Does This Mean?
Securities brokers are not allowed to engage in any private securities transactions without first disclosing it to their member firms. This is because these types of transactions can often create substantial conflicts of interests for securities brokers. These conflicts of interest quite often lead to brokers recommending private securities that most investors are highly unsuited for. It is the responsibility of the securities firm to prevent these conflicts of interest from harming investors. These firms are not let off the hook simply because the broker fails to disclose their intent to engage in these private transactions. Securities firms need to adequately monitor their registered brokers to prevent them from engaging in any unauthorized activities that can harm 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 Corey Lee Mireau, 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.
