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

Dennis Rasmusson is an Arizona based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with five different securities firms.

His Registrations

  • New England Securities (1985-1995)
  • The O.N. Equity Sales Company (1995-2005)
  • QA3 Financial Corp. (2005-2011)
  • VSR Financial Services (2011-2014)
  • Berthel, Fisher & Company (2014-Present)

The Allegations

  • In October 2013, a customer alleged that Dennis Rasmusson mismanaged their portfolio. This case was settled for $34,000 in damages.
  • In September 2014, a customer alleged that Rasmusson failed to follow instructions, excessively traded their account, breached his fiduciary duty, managed their account negligently, breached contract, made material misrepresentations, and violated the Nebraska Securities Act. This case was settled for $110,000 in damages.

Excessive Trading

In regards to the more recent allegation made against Dennis Rasmusson, one mentioned was that of excessive trading. This act can often cause investors to incur a high number of unnecessary fees and prevent their investments from showing desired returns. These fees occur every time a new trade is executed and can very easily rack up in a way that significantly drains the investor’s principal. Excessive trading usually occurs due to the manner in which brokers are compensated for their services. While some brokers charge a flat fee for managing an investor’s account, many brokers are compensated by receiving a percentage of the investor’s principal investment whenever executing a trade on their behalf. This percentage acts as their commission. Some less than scrupulous brokers believe they can get away with trading an investor’s account excessively to increase their own commissions even to the detriment of their customer. This is a fraudulent trading practice known as churning.

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 Rasmusson, 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.