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

David Fenning is a New York-based securities broker who has worked in the securities industry for thirty-eight years. During his career, he has been registered with ten different firms.

His Registrations 

  • Hanauer, Stern & Company (1981-1983)
  • Bevill, Bresler & Schulman (1983-1985)
  • Drexel Burnham Lambert (1985-1985/1985-1989)
  • Smith Barney, Harris Upham & Co. (1989-1992)
  • Lehman Brothers (1992-1993)
  • Smith Barney Shearson (1993-1993)
  • Kidder, Peabody & Co. (1993-1995)
  • Painewebber Incorporated (1995-1995)
  • Donaldson, Lufkin & Jenrette Securities (1995-2003)
  • Credit Suisse First Boston (2003-2004)
  • UBS Financial Services (2004-2019)
  • Morgan Stanley (2019-Present)

The Allegations 

  • In August 2009, customers alleged that David Fenning managed their accounts negligently, breached his fiduciary duty, and recommended unsuitable investments in structured notes and preferred stocks. This case was settled for $180,000 in damages.
  • In September 2009, a customer alleged that Fenning made unsuitable investment recommendations and executed unauthorized trades. This case was settled for $72,500 in damages.
  • In July 2011, customers alleged that Fenning recommended unsuitable investments and made material misrepresentations about these investments. This case was settled for $21,500 in damages.
  • In May 2020, a customer alleged negligence and that Fenning recommended unsuitable investment recommendations. This case is currently pending, and the customer is seeking $173,000 in damages.

What Does This Mean?

Securities brokers, like David Fenning, have a legal obligation to always act in the best interests of their customers. Part of this means conducting the necessary due diligence to handle their customer’s accounts to this best of their ability. When brokers let this responsibility go awry, their customers can suffer financially for it. Negligence turns out to be one of the most common things that securities brokers are accuse of.

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 due to this fraud or negligence 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 Fenning, 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.