The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Damian Bell. According to his publicly available FINRA BrokerCheck report, Damian Bell has been the subject of multiple customer disputes over the course of his career.
Damian Bell is an Arizona based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with seven different securities firms.
His Registrations
- Prudential Securities Incorporated (1993-1995)
- Merrill Lynch (1995-2001)
- Captrust Financial Advisors (2001-2002)
- Wachovia Securities Financial Network (2002-2005)
- Gunnallen Financial (2005-2010)
- WFG Investments (2010-2017)
- International Assets Advisory (2017-Present)
The Allegations
- In October 2006, a customer alleged that Damian Bell made unsuitable investment recommendations and failed to disclose fees. This case was settled for $40,000 in damages.
- In March 2012, a customer alleged that Damian Bell made material misrepresentations about non-traded REITs.
- In March 2016, customers alleged that Damian Bell failed to conduct a reasonable investigation into their investments. The customers also alleged that Bell made material misrepresentations, recommended unsuitable investments, and breached his fiduciary duty. This case was settled for $250,000 in damages.
- In January 2017, customers alleged that Damian Bell failed to conduct reasonable due diligence, made material misrepresentations, and failed to disclose material facts. This case went to arbitration where the customer was awarded over $5 million in damages.
- In April 2017, a customer alleged that Damian Bell recommended unsuitable investments. This case was settled for $4,950 in damages.
- In May 2017, customers alleged that Damian Bell failed to conduct reasonable due diligence, made material misrepresentations, and failed to disclose material facts. This case went to arbitration where the customers became part of the above mentioned $5,054,000 award.
- In July 2017, a customer alleged that Damian Bell failed to conduct due diligence on an alternative investment and breached his fiduciary duty. This case went to arbitration where the customer was part of the $5 million award mentioned in the complaints above.
What Does This Mean?
Alternative investments are privately traded investment funds not sold on public securities exchanges. Because of this, there is a significant lack of oversight associated with these products. This oversight would be very helpful with these types of investments as they can be incredibly harmful to investors. This is because they are incredibly speculative, illiquid, and are accompanied by excessively high fees. Many brokers take advantage of the lack of oversight as it allows them to recommend these products to investors without conducting the reasonable due diligence required to determine suitability. This is often a result of significant conflicts of interest that occur due to the incredibly large commissions brokers receive when recommending alternative products.
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 Damian Bell, 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.
