The law firm of Oakes & Fosher is currently investigating the possible misconduct of securities broker Don Traywick. According to his publicly available FINRA BrokerCheck report, Don Traywick has been the subject of multiple customer complaints.

Don Traywick is presently operating as a Texas based securities broker. He has worked in the securities industry for twenty-four years. During his career, he has been registered with five different securities firms.

His Registrations

  • Chatfield Dean & Co. (1993-1995)
  • First Allied Securities (1995 to 1997)
  • Linsco/Private Ledger Corporation (1997 to 2000)
  • Crown Capital Securities (2000-2016)
  • TCFG Wealth Management (2017-Present)

The Allegations

  • In October 1997, a customer alleged that Don Traywick misrepresented material details and recommended unsuitable securities. This case was settled for $28,500 in damages.
  • In March 1998, a customer alleged that Don Traywick recommended unsuitable securities and executed unauthorized trades. This case was settled for $33,500 in damages.
  • Don Traywick’s FINRA BrokerCheck report also shows that he was recently sanctioned by FINRA. The findings state that he recommended and affected unsuitable short-term switches of Class A mutual fund shares in a customer’s accounts. The sanction’s findings stated that those recommendations resulted in the customer paying unnecessary front-end sales loads with each new purchase that Don Traywick recommended, as well as the customer incurring $5,113 in losses. The findings clarify that there was no reasonable basis for Don Traywick to believe that these fund transactions were suitable for the customer. Due to his alleged actions, he was fined $5,000, forced to pay $10,000 in disgorgement, and suspended from acting as a securities broker in any fashion for a period of three months.

What Does This Mean?

Securities brokers, like Don Traywick, have an obligation to only recommend securities to customers that are financially suited for them. This suitability is determined by analyzing factors like the customer’s financial situation, risk tolerance, liquidity needs, and investment objectives. It is expected that securities brokers will conduct the necessary due diligence required to discern a customer’s suitability based on these factors. Brokers who invest their customers contrary to these stated factors lack the ability to perform their duties 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 representing investors across the nation. If you, or someone you know have lost money investing with Don Traywick, 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.