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

David Beutler was an Illinois-based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • IDS Life Insurance Company (1992-1993)
  • American Express Financial Advisors (1992-1993)
  • AAL Capital Management Corporation (1993-1998)
  • Primevest Financial Services (1998-1999)
  • National Planning Corporation (1999-2003)
  • Prudential Securities Incorporated (2003)
  • Wells Fargo Advisors (2003-2016)

The Allegations

  • In September 2016, a customer alleged that David Beutler made unsuitable investment recommendations between 2011 and 2015. This case was settled for $150,000 in damages.
  • In February 2017, David Beutler was eventually barred by FINRA from acting as a securities broker in any fashion after failing to comply with a FINRA investigation.

What Does This Mean?

Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like David Beutler can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 Beutler, 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.