The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct by former securities broker Daniel Todd Levine. According to his publicly available FINRA BrokerCheck report, Daniel Todd Levine received multiple sanctions following the end of his career as a securities broker.

Daniel Todd Levine was a Colorado based securities broker. He worked in the securities industry for twenty-one years. During his career, he was registered with five different securities firms.

His Registrations

  • Prudential Securities Incorporated (1997-2002)
  • Merrill Lynch (2002-2008)
  • UBS Financial Services (2008-2013)
  • Morgan Stanley (2013-2018)
  • First Financial Equity Corporation (2018)

The Allegations

  • In January 2019, Daniel Todd Levine was sanctioned by FINRA following an investigation into allegations that he took part in undisclosed outside business activities. He also allegedly solicited an elderly customer to borrow funds for the outside business activity an executed unauthorized trades. Due to allegedly failing to comply with FINRA’s investigation into the matter, he was barred from acting as a securities broker in any fashion.
  • In March 2019, Daniel Todd Levine was sanctioned by the Colorado Division of Securities. The findings in this matter state that he brokered crypto currency transactions between investors and his brother. However, he never disclosed to these investors that his brother was currently living outside of the U.S. as a criminal fugitive. Due to these allegations, he was also barred from the securities industry by the Colorado Division of Securities.
  • In September 2019, a customer alleged that Levine solicited outside investment opportunities without authorization from his member firm. This case is currently pending, and the customer is seeking $250,000 in damages.
  • In September 2019, Levine was officially sanctioned by the SEC for prior allegations. As a result of these findings, Levine was indefinitely barred from acting as a securities broker in all capacities.

What Does This Mean?

Securities brokers have not only a fiduciary duty, but a legal obligation to always act in the client’s best interests. Securities brokers are not allowed to invest their customers in privately traded securities away from their member firm, without first receiving permission from said member firm. The most popular reason that  securities brokers do not disclose these private securities they want to invest their customers in is that they know that the firm will deem the securities unsuitable and deny them permission. Any securities brokers that invests their customers in privately traded securities that they know their member firm would deem unsuitable is guilty of misconduct.

Oakes & Fosher Can Help

Many investors are still unaware of the legal recourse available to them after losing money due to securities broker negligence or misconduct. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in that fashion all over the nation. If you, or someone you know, have lost money investing with Daniel Todd Levine, please contact Oakes & Fosher for a free and private consultation.