The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Danard Brown. According to his publicly available FINRA BrokerCheck report, Danard Brown has been the subject of multiple customer disputes.

Danard Brown was a New York-based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with twelve different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Seaboard Securities (1999-2002)
  • Milestone Financial Services (2002-2003)
  • Newbridge Securities Corporation (2003-2004)
  • IDS Life Insurance Company (2004)
  • American Express Financial Advisors (2004)
  • J.P. Turner & Company (2004-2011)
  • Cape Securities (2012-2015)
  • Brookville Capital Partners (2015)
  • Tryco Securities (2015)
  • Legend Securities (2015-2016)
  • First Standard Financial Company (2016)
  • Joseph Stone Capital (2016-2019)

The Allegations

  • In September 2002, a customer alleged that Danard Brown engaged in unauthorized margin trading and recommended unsuitable investments. This case was settled for $125,000 in damages.
  • In October 2004, a customer alleged that they were unhappy with the performance of their account managed by Danard Brown. This case was settled for $66,000 in damages.
  • In May 2006, a customer alleged that Danard Brown executed unauthorized trades. This case went to arbitration where the customer was awarded $3,819 in damages.
  • In April 2017, a customer alleged that Danard Brown made material misrepresentations and recommended unsuitable investments to a senior investor. This case went to arbitration where the customer was awarded $375,000 in damages.

What Does This Mean?

One of the most notable allegations levied against Danard Brown was that he made material misrepresentations to one of his customers. Misrepresentation is when a securities broker provides their customer with information that has been falsified in some fashion. This can be either a fraudulent or a negligent act–meaning the broker may have done it either by accident or on purpose. Regardless of the broker’s intent, misrepresentation can cause the investor to incur significant losses as it can cause the investor to make crucial financial decisions based on misinformation.

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 Danard Brown, 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.