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

David Pappas is a Michigan based securities broker. He has worked in the securities industry for thirty-six years. He spent his entire career registered with Merrill Lynch.

The Allegations

  • In August 2001, a customer alleged that David Pappas engaged in unauthorized trading.
  • In October 2009, a customer alleged that David Pappas made material misrepresentations and made unsuitable investment recommendations. This case was settled for $98,000 in damages.
  • In November 2017, another customer alleged that David Pappas engaged in unauthorized trading. The alleged transgressions taking place between September 2011 and December 2012. This case was settled for $50,000 in damages.

Unauthorized Trading

Securities brokers are not allowed to execute trades on a customer’s behalf without first obtaining authorization from the customer. Just because an investor has hired a broker does not mean they have forfeited their right to decide what securities they are invested in. One of the main reasons that brokers execute trades without first seeking the customer’s authorization is because of the trade’s unsuitable nature. This can often lead to financial loss to the customer.

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 Pappas, 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.