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

David Antypas operated most recently as a Tennessee based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with six different securities firms.

His Registrations

  • Edward Jones (1995-2005)
  • Raymond James (2005-2008)
  • LPL Financial (2008-2017)
  • Sandlapper Securities (2018)
  • CFD Investments (2018)
  • IFS Securities (2018-2019)

The Allegations

David Antypas was officially sanctioned by FINRA in July 2019. The findings in this matter state that, after falling on hard financial times, David Antypas convinced his elderly customer to name his wife and sister as beneficiaries for the customer’s variable annuities. Antypas allegedly had the customer name his wife and sister to try and prevent his member firm from finding out what he had done. A personal representative, on behalf of the elderly customer, filed a claim against LPL Financial one year prior due the fees they incurred from the beneficiary designation changes. This case was settled for $71,939 in damages. Due to his allege actions, David Antypas was discharged from his position at LPL Financial and suspended from acting as a securities broker in any fashion for a period of two years.

What Does This Mean?

Financial elder abuse is unfortunately an ongoing problem in the securities industry. It is very common for elderly investors to rely completely on their securities broker to take care of their finances. Some less than scrupulous securities brokers exploit elderly investors’ diminished capacity to monitor their finances. They will coerce these individuals to invest their money unsuitably, misappropriate their funds in some fashion, or just convince them to leave their money to them instead of their family members. Securities firms have procedures in places designed to prevent these actions from taking place; however, securities brokers hold a lot of power over their customers’ accounts and can often manipulate the system to get away with such actions.

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 David Antypas, 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.