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

Cory Bataan was a New York-based securities broker. He had worked in the securities industry for sixteen years. During his career, he had been registered with five different securities firms.

His Registrations

  • Joseph Stevens & Company (1996-2001)
  • Ameritas Investment Corp (2007-2008)
  • Empire Asset Management Company (2008-2012)
  • Aegis Capital Corp (2012-2019)
  • Terranova Capital Equities (2021-2021)

The Allegations 

  • In November 2014, a customer alleged that Cory Bataan churned their account, executed unauthorized trades, and breached his fiduciary duty. This case was settled for $45,000 in damages.
  • In June 2015, a customer alleged that Bataan recommended unsuitable investments and charged excessive fees and commissions. This case was settled for $25,000 in damages.
  • In January 2018 FINRA officially sanctioned Bataan following their findings that he exercised discretion in customer accounts by executing several hundred transactions without obtaining prior written authorization from the customers or obtaining his member firm’s written approval of the accounts for discretionary trading. As a result of these findings, Bataan was suspended in all capacities for a period of fifteen days and fined a total of $5000.
  • In January 2020, a customer alleged that Bataan executed excessive and unsuitable trading in their account. This case was settled for $57,500 in damages.

What Does This Mean?

Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization.  There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first.  This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.

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 handle cases on a contingency basis, which means there are no fees charged unless we collect for you.