The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Derek Nierman. According to his publicly available FINRA BrokerCheck report, Derek Nierman has been the subject of multiple customer disputes.

Derek Nierman was an Arizona based securities broker. He worked in the securities industry for twenty-four years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • The Equitable Life Assurance Society of the United States (1992-1993)
  • Equico Securities Inc. (1992-1993)
  • Lehman Brothers Inc. (1993)
  • Citigroup Global Markets Inc. (1993-2009)
  • Morgan Stanley (2009-2014)
  • UBS Financial Services (2014-2018)

The Allegations

  • In December 2010, a customer alleged that Derek Nierman made overly aggressive purchases in his account.
  • In May 2014, a customer alleged that Niereman executed unauthorized trades.
  • In May 2014, customers alleged that Nierman recommended highly unsuitable investments. This case was settled for $625,000 in damages.
  • In August 2018, a customer alleged Nierman devised a real estate investment scheme to misappropriate their funds. This case was settled for $98,750 in damages.

Misappropriation and Conversion

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

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 Derek Nierman, 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.