The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker David Krumrey. According to his publicly available FINRA BrokerCheck report, David Krumrey has been the subject of multiple customer disputes.
David Krumrey was a Texas based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Merrill Lynch (2000-2009)
- Stanford Group Company (2009)
- Oppenheimer & Co. (2009-2017)
The Allegations
- In August 2017, a customer alleged that David Krumrey executed unauthorized transactions. This case was settled for $35,000 in damages.
- Also in August 2017, David Krumrey’s career came to an end after he was terminated from his position at Oppenheimer & Co. This termination followed allegations that he attempted to settle a complaint away from the firm.
- In October 2017, a customer alleged that David Krumrey handled their account negligently, breached his fiduciary duty, and breached contract related to energy investments. The alleged transgressions taking place between 2009 and 2013. This case was settled for $30,000 in damages.
- In February 2018, a customer alleged that David Krumrey breached his fiduciary duty, handled their account negligently, engaged in unjust enrichment, and violated Louisiana Securities Laws. This case went to arbitration where the customer was awarded $574,829 in damages.
- In June 2018, customers alleged that David Krumrey breached his fiduciary duty, violated state securities laws, engaged in fraud, breached contract, handled their account negligently, and made negligent misrepresentations. This case was settled for $150,000 in damages.
- In July 2019, a customer alleged that David Krumrey recommended unsuitable investments, breached his fiduciary duty, violated state securities laws, and breached contract. This case is currently pending.
What Does This Mean?
There must be a mutual trust between securities brokers and investors in order for the relationship between them to work. Investors can’t be expected to leave their money with a separate party that they do not trust. The only reason that this trust exists is because of securities brokers’ fiduciary duty. Investors know that brokers are bound by this duty to always act in their best financial interests. When securities brokers intentionally breach this duty, they are betraying their customers trust and working toward the erosion of the investor/broker 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 Krumrey, 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.
