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

David Capin was a Pennsylvania based securities broker. He worked in the securities industry for thirty-two 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

  • E.F. Hutton & Company (1985-1988)
  • Shearson Lehman Hutton Inc. (1988-1989)
  • Prudential Securities (1989-2003)
  • Wachovia Securities (2003-2004)
  • Morgan Stanley (2004-2012)
  • Raymond James Financial Services (2012-2017)
  • Summit Brokerage Services (2017)

The Allegations

  • In September 1992, customers alleged that David Capin recommended unsuitable investments. This case was settled for $39,750 in damages.
  • In November 2002, customers alleged that their PSPM managed account was not properly managed. This case was settled for $9,999 in damages.
  • In June 2009, a customer alleged that David Capin engaged in unauthorized trading and unsuitable trading. The alleged transgressions taking place between March 2004 and 2007. This case was settled for $325,000 in damages.
  • In April 2013, a customer alleged that David Capin invested their account in an unsuitable ETF and unsuitable corporate bonds and stocks. This case was settled for $90,000 in damages.
  • In February 2017, he was permitted to resign from Raymond James Financial Services amidst allegations he executed unauthorized trades.
  • In March 2017, a customer alleged that David Capin recommended unsuitable investments and charged them excessive fees. This case was settled for $9,990 in damages.
  • In May 2017, a customer alleged that David Capin engaged in unauthorized trading, made material misrepresentations, and engaged in excessive trading. This case was settled for $16,280 in damages.
  • In March 2018, he was officially sanctioned by FINRA. The findings in this matter state that he allegedly exercised discretion in customer accounts without written authorization from the customers or having his member firm accept the accounts as discretionary. Due to these allegations, he was suspended from acting as a registered securities broker in any fashion for a period of fifteen business days and fined $5,000.
  • In April 2018, a customer alleged that David Capin recommended unsuitable investments. This case was settled for $65,000 in damages.
  • In June 2018, a customer alleged that David Capin recommended unsuitable investments, executed unauthorized trades, handled their account negligently, and breached his fiduciary duty. This case was settled for $60,000 in damages.

Unauthorized Trading

One of the most notable allegations levied against David Capin was that he executed unauthorized trades. This is one of the most common allegations levied against a securities broker. Investors hire securities brokers because they themselves lack the necessary skills and experience to invest suitably on their own behalf. However, just because they have hired a broker does not mean they have forfeited the right to decide for themselves what they ultimately want to be invested in. Despite this, many securities broker still take it upon themselves to execute transactions on their customers’ behalf without first obtaining authorization to do so. This is often a result of the broker wanting to place the customer in an unsuitable investment, or the broker wanting to execute more trades than is suitable.

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 Capin, please contact Oakes & Fosher for a free and private consultation.