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

David Ridenour is an Oklahoma based securities broker. He has worked in the securities industry for twelve years. During his career, he has been registered with just two different securities firms.

His Registrations

  • Morgan Stanley (2006-2012)
  • Wells Fargo Clearing Services (2012-Present)

The Allegations

  • In July 2016, a customer alleged that David Ridenour over-concentrated their portfolio in highly unsuitable energy sector securities. The customer also alleged that these risky and aggressive securities were purchased without her authorization. This case was settled for $47,500 in damages.
  • In February 2018, a customer alleged that David Ridenour recommended highly speculative stocks and bonds unsuitable for them. This case was settled for $140,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to only make decisions that work in their best financial interests. This is also known as their fiduciary duty. The main aspect of this duty is making sure that the investments they recommend are actually suitable for their customers. Brokers can determine a customer’s suitability by looking at important financial factor specific to every customer. These include the customer’s age, financial situation, risk tolerance, investment objectives, and liquidity needs. Brokers who invest their customers contrary to these factors have exposed them to significant financial risk.

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 Ridenour, 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.