The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Darrach Bourke. According to his publicly available FINRA BrokerCheck report, Darrach Bourke has been the subject of multiple customer disputes over the course of his career.

Darrach Bourke is a California based securities broker. He has worked in the securities industry for eleven years. During his career, he has been registered with five different securities firms.

His Registrations

  • UBS Financial Services (2007-2009)
  • Stone & Youngberg (2009-2011)
  • Stifel, Nicolaus & Company (2011-2014)
  • Summit Brokerage Services (2014-2016)
  • Emerson Equity (2016-Present)

The Allegations

  • In August 2013, customers alleged that Darrach Bourke exercised time and price discretion concerning their investments. This case was settled for $30,000 in damages.
  • In October 2014, Darrach Bourke was discharged from his position at Stifel, Nicolaus & company following allegations that he exercised discretion without written authorization from the customer or by having the firm accept the accounts as discretionary.
  • In December 2014, a customer alleged that Darrach Bourke executed unauthorized trades. This case was settled for $50,000 in damages.
  • In March 2016, a customer alleged that Darrach Bourke recommended unsuitable mutual funds.
  • In June 2018, a customer alleged that Darrach Bourke exercised discretion without their authorization. The customer also alleged that Bourke executed unauthorized trades. This case was settled for $32,500 in damages.

What Is Discretion?

Discretion is a trading practice in which a securities broker can execute trades in a customer’s account without having to obtain the investor’s authorization prior to every trade. However, before a securities broker can begin engaging in this practice, they must first receive express written authorization from the account holder. This is due to the nature of the discretionary trading. It is a very slippery slope, and investors need to be fully aware what exactly they are agreeing to. Discretion gives less than scrupulous brokers ample opportunity to trade their customers’ accounts in an unsuitable fashion. This includes executing trades that the investor is unsuited for based on investment objectives and risk tolerance, or executing trades in their account in an excessive manner–both of which can be detrimental to the account holder.

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 Darrach Bourke, 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.