Debra Bourne Allegedly Trades Her Customers’ Accounts Unsuitably

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or misconduct. Investors who have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who feel this may be the case.

Oakes & Fosher is currently investigating the possible negligence and/or misconduct of former securities broker Debra Bourne. According to her publicly available FINRA BrokerCheck report, Debra Bourne was the subject of multiple customer disputes.

Debra Bourne operated most recently as a New Jersey based securities broker. She worked in the securities industry for nineteen years. During her career, she was registered with six different securities firms.

Her Registrations

• First Union Capital Markets Corp. (1999-2000)


• Morgan Stanley (1999-2004)


• Janney Montgomery Scott (2004-2008)


• Oppenheimer & Co. (2008-2014)


• National Securities Corporation (2014-2016)


• First Standard Financial Company (2016-2019)

The Allegations

• In July 2015, a customer alleged breach of fiduciary duty, unsuitability, negligence, and breach of contract. This case was settled for $90,000 in damages.


• In February 2019, a customer alleged that Debra Bourne made both unauthorized and unsuitable trades in their account. This case is currently pending. The customer in this case is seeking $668,000 in damages.


• In March 2019, a customer alleged unsuitability, excessive trading, breach of fiduciary duty, and negligence. This case is currently pending. The customer is seeking $300,000 in damages.


• In April 2019, a customer alleged that Debra Bourne made unsuitable investment recommendations and engaged in excessive trading. This case is currently pending. The customer is seeking $2 million in damages.

What Does This Mean?

Securities brokers, like Debra Bourne, have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by analyzing the customer's liquidity needs, investment objectives, risk tolerance, and present financial situation. Securities brokers cannot claim that they did not realize a security they recommended was unsuitable. This is because they are expected to conduct the required due diligence to determine a customer's suitability.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Debra Bourne, please contact Oakes & Fosher for a free and private consultation.