Oakes & Fosher is currently investigating the possible negligence and/or misconduct by former securities broker David Phillips. According to his publicly available FINRA BrokerCheck report, David Phillips became the subject of a customer dispute filed in October 2018.

David Phillips worked most recently as an Arizona based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Proequities, Inc. (1998-2000, 2004-2017)
  • Intersecurities (2000-2003)
  • United Planners’ Financial Services of America (2003-2004)
  • Moloney Securities Co. (2017-2018)

The Complaint

In October 2018, a customer alleged that David Phillips unsuitably recommended and misrepresented an investment in Future Income Payments, Inc. This case is currently pending. The customer is seeking $106,368 in damages.

What Does This Mean?

Securities brokers have not only a fiduciary duty, but also a legal obligation to only recommend securities to customer for which they are suited. Securities brokers sometimes fail to conduct the necessary due diligence needed to determine if a particular security is suitable for a customer. This suitability is determined through factors like investment objectives, financial situation, and liquidity needs. Investors who feel that they suffered losses due to being recommended securities that were unsuitable for them may be entitled to damages.

Oakes & Fosher Can Help

Many investors are still unaware of the legal recourse available to them after losing money due to securities broker negligence or misconduct. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion. If you, or someone you know, have lost money investing with David Phillips, 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.