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. The law firm of Oakes & Fosher is interested in hearing from investors who think this might be them.
Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Daniel Vazquez. According to his publicly available FINRA BrokerCheck report, Daniel Vazquez has been the subject of multiple customer disputes.
Daniel Vazquez was a California based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with twelve different securities firms.
His Registrations
- Dean Witter Reynolds (1998-1999)
- Paulson Investment Company (1999-2003)
- Brookstreet Securities Corporation (2003-2004)
- PMB Securities Corp. (2004-2005)
- Sunamerica Securities (2005)
- AIG Financial Advisors (2005-2007)
- TransAmerica Financial Advisors (2007)
- First Midwest Securities (2007-2008)
- Associated Securities (2008-2009)
- Foothill Securities (2009-2011)
- Investors Capital Corp. (2011-2013)
- Cetera Advisors (2013-2016)
The Allegations
- In April 2016, a customer alleged that Daniel Vazquez made unsuitable investments and executed unauthorized trades which in turn led to losses in their portfolio. This case is currently pending. The customer is seeking an undisclosed amount in damages.
- In August 2016, a customer alleged that Daniel Vazquez made unsuitable investments, traded their account excessively, omitted material information, breach his fiduciary duties, handled their account negligently, and violated FINRA rules. This case was settled for $65,000 in damages.
- In December 2016, a customer alleged that Daniel Vazquez recommended unsuitable investments. This case is currently pending. The customer is seeking $150,000 in damages.
- In February 2017, a customer alleged that Daniel Vazquez engaged in fraud, made material misrepresentations, omitted material facts, handled their account negligently, breached his fiduciary duty, and recommended unsuitable securities.
- In June 2017, customers alleged that Daniel Vazquez recommended unsuitable securities spanning back to 2012. This case was settled for $50,000 in damages.
- In January 2018, Daniel Vazquez was officially sanctioned by the United States Securities and Exchange Commission. The findings in this matter state that Vazquez created what was know as the New Economic Opportunities FUND I. The presented purpose of this fund was to gather investor funds to flip residential real estate properties. Between 2011 and 2014, Vazquez raised $2.8 million from a total of 27 investors. It was determined by the SEC that $780,000 of that money had been misappropriated by Daniel Vazquez for his own personal use.
What Does This Mean?
The relationship between securities brokers and investors can only exist if there is trust. Investors believe they can trust brokers because brokers are bound by their fiduciary duty to always act in their customer’s interests. The allegations levied against Daniel Vazquez construct a narrative of a broker who has eroded that trust by making investors think its possible that their money can be stolen by their securities broker.
Oakes & Fosher Can Help
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 Vazquez, please contact Oakes & Fosher for a free and private consultation.
