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

David Schmerber is an Ohio based securities broker. He has worked in the securities industry for twenty-seven years. During his career, he has been registered with four different securities firms.

His Registrations

  • Lehman Brothers (1990-1993)
  • Smith Barney (1993-1997)
  • LPL Financial (1997-2017)
  • Cetera Advisors (2017-Present)

The Allegations

In March 2017, customers alleged that David Schmerber invested their accounts in various complex, volatile and speculative securities which were unsuitable for the customers based on their investment objectives. This case was settled for $395,000 in damages.

What Does This Mean?

Investors who find themselves invested in securities they are not financially suited for can experience substantial financial losses. Most investors lack the investment knowledge and experience to invest suitably on their own behalf. Thus, they rely heavily on their securities brokers to recommend securities that are suitable for them. Brokers like David Schmerber are expected to determine if a particular security is suitable for their customer by analyzing factors like the customer’s investment objectives, financial situation, risk tolerance, and liquidity needs.

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 Schmerber, please contact Oakes & Fosher for a free and private consultation.