The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Cory Bataan. According to his publicly available FINRA BrokerCheck report, Cory Bataan has been the subject of multiple customer disputes.
Cory Bataan was a New York based securities broker. He worked in the securities industry for sixteen 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
- Joseph Stevens & Company (1996-2001)
- Ameritas Investment Corp. (2007-2008)
- Empire Asset Management Company (2008-2012)
- Aegis Capital Corp. (2012-2019)
The Allegations
- In April 2001, a customer alleged that Cory Bataan executed an unauthorized transaction. This case was settled for $13,944 in damages.
- In February 2002, a customer alleged that Cory Bataan engaged in unauthorized trading, violated margin rules, made material misrepresentations, and recommended unsuitable investments. This case was settled for $23,000 in damages.
- Cory Bataan was terminated from his position at Empire Asset Management in August 2012 following allegations of violating the firms policies.
- In November 2014, a customer alleged that Cory Bataan churned their account, recommended unsuitable securities, engaged in unauthorized trading, and breached his fiduciary duty. This case was settled for $45,000 in damages.
- In June 2015, a customer alleged that Cory Bataan made unsuitable recommendations and charged them excessive fees and commissions. This case was settled for $25,000 in damages.
- In January 2018, Cory Bataan was officially sanctioned by FINRA. The findings in this matter state that he allegedly exercised discretion in customer accounts without written authorization from the customers, or by having his member firm accept the accounts as discretionary. Due to these alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of fifteen business days.
Unauthorized Trading
Securities brokers are not allowed to execute trades on their customer’s behalf without first obtaining said customer’s authorization. While investors hire securities brokers like Cory Bataan to recommend suitable investments, they have not forfeited the right to ultimately have final say regarding what they are invested in. Brokers sometimes circumvent this procedure when they want to invest their customer in something that is unsuitable for them.
There is a trading practice known as discretion that allows brokers to execute trades in a customer’s account without having to obtain authorization before making every trade. However, this practice can be an incredibly slippery slope. It gives brokers an excess of power that allows them to place these customers in investments they are not suited for. It also allows them to trade these customers’ accounts excessively unchecked. Both of these acts are detrimental 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 Cory Bataan, 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.
