David Fleming Allegedly Breaches His Fiduciary Duty

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

David Fleming operated most recently as a New York based securities broker. He worked in the securities industry for thirty-two years. During his career, he was registered with fifteen different securities firms.

His Registrations

• Moseley, Hallgarten, Estabrook & Weeden, Inc. (1982-1983)


• Prudential-Bache Securities (1983-1984, 1986-1987)


• Holmes, Ferguson & Co. (1984)


• Hornblower Fischer & Co. (1985)


• Fahnestock & Co. (1985-1986)


• E.F. Hutton & Company (1986)


• Shearson Lehman Hutton (1988-1990)


• Oppenheimer & Co. (1990-1992, 2007-2010)


• Painewebber Incorporated (1992-1994)


• Everen Securities (1994-1998)


• DB Alex Brown (1998-2001)


• Wachovia Securities (2001-2007)


• Deutsche Bank Securities (2010-2014)


• Sterne, Agee & Leach (2014-2015)


• Stifel, Nicolaus & Company (2015-2017)

The Allegations

In May 2017, a customer alleged that David Fleming recommended unsuitable investments, made material misrepresentations of risk, breached his fiduciary duty, and violated FINRA's Conduct Rules. This case went to arbitration where the customer was awarded $728,000 in damages.

What Does This Mean?

The only reason that the relationship between securities brokers and investors even exists is because of trust. Investors could not leave their money with another individual if they could not trust them with it. The reason that this trust exists is because brokers are bound by their fiduciary duty to always act in their customers' best financial interests. Securities brokers who breach that duty work toward the erosion of that trust and the eventual downfall of the broker/investor relationship.

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 Fleming, 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.