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The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Daniel Philip Raupp. According to his publicly available FINRA BrokerCheck report, Daniel Raupp had been the subject of multiple customer disputes over the course of his career. He is no longer working as a securities broker in any fashion.

Daniel Raupp was a New York-based securities broker who had worked in the securities industry for thirty one years. During his career, he had been registered with six different securities firms.

His Registrations 

  • Weatherly Securities Corporation (2000-2001)
  • Ehrenkrantz King Nussbaum (2001-2001)
  • Harrison Securities (2001-2003)
  • Gunnallen Financial (2003-2010)
  • J.P. Turner & Company (2010-2015)

The Allegations 

  • In March 2020, a customer alleged that Daniel Raupp had breached his fiduciary duty by recommending unsuitable investments and misrepresenting crucial details about them. This case was settled for $262,000 in damages.
  • In December 2020, a customer alleged that Raupp had recommended unsuitable investments. This case was settled for $40,000 in damages.
  • In April 2021, a customer alleged that Raupp had recommended unsuitable investments. This case is currently pending for $950,000 in damages.
  • In June 2021, a customer alleged that Raupp had recommended unsuitable investments. This case was settled for $25,000 in damages.
  • In July 2021, a customer alleged that Raupp had recommended unsuitable investments. This case was settled for $70,000 in damages.

What Does This Mean?

Securities brokers are required to make sure that their customers’ portfolios are adequately diversified in a suitable manner. This means that their account can not solely comprise of one or two securities. If this is the case, then the success or failure of the customer’s account is entirely determined by the success or failure of those one or two investments. Investor portfolios should consist of multiple investments so that the investor does not lose everything if the value of one security plummets.

Diversity is also important in regards to the level of risk. If an investor’s account is over-concentrated in high-risk securities, then the account can be incredibly volatile. Investors with more moderate objectives need to have their portfolios diversified among investments with varying levels of risks. This means that the customer can expose some assets to moderate risk, while to still keeping most of their assets in safe investments.

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 due to this fraud or negligence 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 Philip Raupp, 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.