The law firm of Oakes & Fosher is presently investigating the alleged misconduct by former securities broker Craig Dima. According to his publicly available FINRA BrokerCheck report, Craig Dima has been the subject of a FINRA sanction.
Craig Dima operated most recently as a New York based securities broker. He worked in the securities industry for twenty-one years. During his carer, he was registered with eighteen different securities firms.
His Registrations
- Lew Lieberbaum & Co. (1994-1995)
- RM Stark & Co. (1995)
- Meyers Pollock Robbins (1995-1996)
- Andrew, Alexander, Wise & Company Incorporated (1996)
- Foster Jeffries Co. (1996-1997)
- Lew Lieberbaum & Co. (1997)
- La Jolla Capital Corporation (1997)
- IAR Securities Corp. (1997-1998)
- Ash Financial Corp. (1997-1998)
- Schneider Securities (1998)
- Joseph Charles & Associates (1999-2000)
- Sterling Financial Investment Group (2000-2001)
- First Montauk Securities Corp. (2001-2002)
- Harrison Securities (2002-2003)
- LH Ross & Company (2003-2004)
- Andrew Garrett (2004-2008)
- American Capital Partners (2008-2009)
- K.C. Ward Financial (2009-2017)
The Allegations
Craig Dima was officially sanctioned by FINRA in August 2016. The findings in this matter state that he executed approximately forty-one unauthorized trades in a senior customer’s account. In an attempt to hide these trades from his customer, he allegedly made fraudulent misrepresentations and omissions when giving account details to the customer. He allegedly claimed that the trades were a result of computer issues or other kinds of errors. He also allegedly claimed that he would restore her account to its original state which included a reimbursement of the fees and commissions that was paid when these trades were executed; and restoring the dividend payments that were set up with the securities she had previously held. Dima allegedly convinced the customer that in order to restore her account to its original state, she would have to purchase additional shares of the originally held securities. These trades generated even more income for Dima and his member firm. Due to these alleged actions, Craig Dima was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
The main takeaway from the above mentioned allegations is that Craig Dima allegedly engaged in a pattern of fraudulent behavior. Fraud encompasses a wide range of activities, but it always boils down to deception. He allegedly made numerous misrepresentations to his customer to cover up his unauthorized trading. He also allegedly made numerous misrepresentations to coerce his customer to purchase additional unnecessary securities in order to enrich himself and his member firm. Securities brokers have a legal obligation to always act in the best interests of their customers. Craig Dima’s alleged actions construct a narrative of a securities broker that does not care about this obligation.
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. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion. If you, or someone you know, have lost money investing with Craig Dima, please contact Oakes & Fosher for a free and private consultation.
