The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Daniel Fischer. According to his publicly available FINRA BrokerCheck report, Daniel Fischer has been the subject of an SEC sanction.

Daniel Fischer was a New York based securities broker. He worked in the securities industry for eleven years. During his career, he was registered with nine different securities firms.

His Registrations

  • Monroe Parker Securities (1997)
  • On-Site Trading (1998, 2000-2001)
  • Worldco (2001-2002)
  • Quest Capital Strategies (2004)
  • Hold Brothers On-Line Investment Services (2007)
  • E*Trade Securities (2007-2008)
  • Dimension Securities (2010-2012)
  • WTS Proprietary Trading Group (2012)
  • Four Points Capital Partners (2012-2017)

The Allegations

Daniel Fischer was officially sanctioned by the United States Securities and Exchange Commission in December 2017. The findings in this matter state that Fischer engaged in an in-and-out trading strategy that was doomed from the start to lose money for invested customers while generating commissions for himself. Ten customers of Daniel Fischer’s member firm lost a total of $573,867 in this trading strategy while Fischer received $175,000 in commissions. According to the SEC, Daniel Fischer had no reasonable basis to believe that this trading strategy was suitable for any investor. The findings state that this strategy centered around Daniel Fischer churning these customers’ accounts and concealing material information about the investments. Due to these alleged actions, Daniel Fischer was forced to repay the $175,000 in disgorgement and was barred by the Securities and Exchange Commission from acting as a securities broker in any fashion.

What Does This Mean?

Securities brokers have an obligation to their customers to only recommend securities that they are financially suited for. Whenever an investor becomes invested in something they are not suited for based on factors like investment objectives, age, financial situation, and more, it can cause significant financial harm.

A securities broker placing their customer in unsuitable investments, or unsuitable trading strategies, can be done either fraudulently or negligently. If it is done with fraudulent intent, the broker has purposefully placed a customer into an investment they are not suited for because it will help the broker achieve whatever goal they may be pursuing. If it occurs through the broker’s negligence, the broker just simply has not conducted the necessary due diligence that is required to determine if a particular investment is suitable for a particular investor. Regardless of intent–it can be detrimental to investors.

Allegedly, Daniel Fischer fraudulently recommended an unsuitable trading strategy to multiple customers. Daniel Fischer was allegedly well aware,or should have been aware, that his trading strategy would cause these customers to experience losses. Despite this, he allegedly still recommended these investments and investment strategies because of the commissions it allowed him to receive.

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 Daniel Fischer, 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.