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

Darnell Mote was a Florida based securities broker. He worked in the securities industry for five years. During his career, he was registered with just two different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Wells Fargo (2012-2015)
  • NyLife Securities (2016-2018)

The Allegations

Darnell Mote was officially sanctioned by FINRA in August 2018. The findings in this matter state that he allegedly engaged in outside business activities without providing prior written notice to his firm. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of twenty days.

What Does This Mean?

Securities brokers like Darnell Mote are not allowed to engaged in outside business activities without disclosing their involvement to their member firm. This is because outside business activities can often create significant conflicts of interest for securities brokers. Brokers might begin recommending private investments to member firm customers even if the investments are unsuitable for them. It is the securities firm’s job to prevent this type of thing from taking place and thus require their registered brokers to disclose their involvement in such activities prior to engaging in them. If the broker fails to disclose this information, it does not free the firm from liability. This is because firms are supposed to have adequate procedures of supervision in place designed to prevent brokers from engaging in any unauthorized activity.

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 Darnell Mote, 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.

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