The law firm of Oakes & Fosher is currently investigating the possible misconduct of former securities broker Craig L. Hayward. According to his publicly available FINRA BrokerCheck report, Craig L. Hayward has been the subject of multiple customer disputes.
Craig L. Hayward operated most recenlty as a Colorado based securities broker. He worked in the securities industry for twenty-three years. During his career, he has been registered with two different securities firms. He is no longer working as a registered securities broker in any fashion.
- London Pacific Securities (1994-2004)
- Mid Atlantic Capital Corporation (2004-2018)
- His first three complaints were all brought forward in January of 2000. While the customers all pursued different amounts, the charges against Craig L. Hayward were the same. His former customers alleged that he misrepresented material facts, omitted material facts, and committed investment fraud with great malice and forethought. The three cases were settled for an amount just shy of $100,000.
- In October 2014, claimants filed a complaint against Mid-Atlantic Capital Corporation for the alleged actions of Craig L. Hayward. The former customers alleged that Hayward made unsuitable investment recommendations and failed to perform necessary due diligence related to the investment. The customers also alleged that MACC failed to supervise their employee. This case was settled for around $160,000.
- In February 2015, customers alleged that Mr. Hayward breached his fiduciary duty, neglected their securities, omitted and misrepresented material facts, breached contract, violated both the Colorado Securities Act and committed common law fraud. This case went to arbitration where the claimants were awarded almost $1,000,000 in damages–over three times what they were requesting.
- In April 2016, customers alleged that Craig L. Hayward committed fraud, breached his fiduciary duty, and neglected their investments. This case was settled for $250,000.
Securities brokers, like Craig L. Hayward, have an obligation to always act in the best interests of their customers. This obligation is also known as a fiduciary duty. When securities brokers breach this duty, it can be either on purpose or accidental. Regardless of their securities broker’s intent, investors may still be entitled to damages.
What Is Fraud?
Fraudulent behavior encompasses a wide range of actions committed by securities brokers like Craig L. Hayward. It boils down to the securities broker intentionally deceiving their customers in any fashion. This can range from them purposefully omitting facts that they are aware would cause their customers to not want to purchase a particular security to them perpetrating a long term investment scheme designed to steal their money. Deception equates to fraud regardless of the scale.
What Is Negligence?
A securities broker not committing these acts on purpose does not let them off the hook. Negligence occurs when a securities broker fails to live up to the responsibilities necessary to do their job. Securities brokers are obligated to conduct all the necessary due diligence that is required to adequately invest their customer’s money. Failure on this part can cause customers to become invested in highly unsuitable products, or it can cause a customer’s investments to go long periods of time without being monitored. Securities brokers who cannot conduct the necessary due diligence required to do their job properly should not be in this industry.
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. If you, or someone you know, have been taken advantage of while investing with Craig L. Hayward, please contact us immediately for a free and private consultation. Oakes & Fosher dedicates its entire legal practice to representing investors across the nation. We represent clients on a contingency basis, which means there are no fees charged unless we collect for you.