The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Dennis Nakamura. According to his publicly available FINRA BrokerCheck report, Dennis Nakamura has been the subject of multiple customer disputes.
Dennis Nakamura was a California based securities broker. He worked in the securities industry for forty-three years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- PML Securities Company (1976-1982)
- Emmett A. Larkin Company (1982-1983)
- Executive Financial Services (1983-1986)
- Smith Barney, Harris Upham & Co. (1986-1990)
- First Affiliated Securities (1990-1994)
- Round Hill Securities (1994-2001)
- Sterling Financial Investment Group (2001-2005)
- JHS Capital Advisors (2005-2010)
- McNally Financial Services (2010-2019)
The Allegations
- In July 1993, a customer alleged that Dennis Nakamura executed unsuitable transactions on their behalf. This case was settled for $12,000 in damages.
- In May 1999, a customer alleged that Dennis Nakamura engaged in elder abuse, breached his fiduciary duty, breached the implied covenant of good faith and fair dealing, committed fraud, made material misrepresentations, and violated state securities laws. This case was settled for $19,445 in damages.
- In July 2018, a customer alleged that Dennis Nakamura failed to disclose the extent of risk, executed unauthorized trades, recommended unsuitable investments, breached his fiduciary duty, churned their account, breached contract, and committed elder abuse. This case was settled for $300,000 in damages.
- In November 2019, Dennis Nakamura was officially sanctioned by FINRA. The findings in this matter state that Nakamura failed to comply with a FINRA investigation into whether he violated FINRA rules by making unsuitable investment recommendations. Due to this alleged failure to comply, Dennis Nakamura was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Securities brokers have an obligation to their customers to only recommend securities that they are financially suited for. Securities brokers like Dennis Nakamura can determine an investor’s suitability by analyzing important financial information they receive when opening the investor’s account. This information includes; the investor’s age, investment objectives, financial situation, risk tolerance, and liquidity needs. Brokers are supposed to analyze these factors to determine if a particular investment is suitable for their customer. Brokers who are unable to determine suitability through these means lack the ability to perform their job to the required standard.
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 Dennis Nakamura, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
