The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Daniel Lempe. According to his publicly available FINRA BrokerCheck report, Daniel Lempe has been the subject of multiple customer complaints over the course of his career.
Daniel Lempe is a Florida based securities broker. He has worked in the securities industry for thirty-five years. During his career, he has been registered with six different securities firms.
His Registrations
- Vanderbilt Securities (1984)
- Nielson and Clark (1984-1985)
- Blinder, Robinson & Co. (1985-1990)
- Paineweber Incorporated (1989-1990)
- Del Mar Securities (1990-1992)
- Presidential Brokerage (1991-Present)
The Allegations
- In November 1996, a customer alleged that Daniel Lempe placed them in unsuitable investments, breached contract, and executed unauthorized trades. This case was settled for $55,000 in damages.
- In September 2019, customers alleged that Daniel Lempe handled their account negligently, made material misrepresentations and omissions of material facts, breached his fiduciary duty, and breached contract. These allegations were all in connection to the sale of a private placement. This case is presently pending. The customer is seeking $400,000 in damages.
What Does This Mean?
Private placements are unregistered, privately traded securities that are highly unsuitable for most investors. This is because they are incredibly speculative and illiquid. This means that they are risky investments, and investors cannot always receive what they are told the shares are valued at should they need to sell the securities they own. Despite this, many less than scrupulous securities brokers will still recommend these products to financially unsuited investors do to the incredibly high commissions they receive when doing so. Commissions for private placements are excessively high and greatly diminish an investor’s potential for growth.
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 Lempe, please contact Oakes & Fosher for a free and private consultation. We work a contingency basis which means there are no fees charged unless we collect for you.
