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

Dwarka Persaud was a New Jersey-based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with twenty-three different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Pruco Securities Corporation (1985-1986)
  • Brooks Weinger Robbins & Leeds (1986-1988)
  • Greentree Securities Corp. (1988)
  • Philips, Appel & Walden (1988)
  • Dean Witter Reynolds (1988)
  • Princeton Financial Group (1989)
  • Monmouth Investments (1988-1991)
  • Merrill Lynch (1989-1992)
  • Lehman Brothers (1992)
  • Whale Securities Co. (1992-1996)
  • Shamus Group (1996-1997)
  • Barington Capital Group (1997)
  • J.W. Barclay & Co. (1998-2000)
  • Glenn Michael Financial (2000-2001)
  • Grayson Financial (2001-2002)
  • Westrock Advisors (2002)
  • Sky Capital (2002-2004)
  • Aura Financial Services (2004-2005)
  • Gunnallen Financial (2005)
  • The Concord Equity Group (2006-2008)
  • Andrew Garret Inc. (2008)
  • Garden State Securities (2008-2015)
  • Buckman, Buckman & Reid (2015-2017)

The Allegations

  • In January 2000, a customer alleged that Dwarka Persaud charged them excessive commissions. This case went to arbitration where the customer was awarded $40,000 in damages.
  • In April 2011, a customer alleged that Dwarka Persaud churned their account and charged them excessive commissions. This case was settled for $55,000 in damages.
  • In December 2014, a customer alleged that Dwarka Persaud churned their account, made unsuitable investments on their behalf, and breached his fiduciary duty. This case went to arbitration where the customer was awarded $48,680 in damages.
  • In January 2015, a customer alleged Dwarka Persaud executed unauthorized trades. This case is currently pending. The customer is seeking $45,110 in damages.
  • In August 2017, Dwarka Persaud was officially sanctioned by FINRA. The findings in this matter state that he provided FINRA with false and misleading information. Due to these alleged actions, he was suspended from acting as a securities broker in any fashion for a period of eighteen months.

What Does This Mean?

Most securities brokers are compensated for their services by charging their customers a percentage of their principal investment whenever executing transactions on their behalf. This method of compensation has created a fraudulent trading practice known as churning where securities brokers trade an investor’s account excessively with the express intent of increasing how much they receive in commissions. This fraudulent act can be incredibly harmful to investors as it both prevents their principal from growing as expected, and it causes the customer to incur the highly unnecessary sales charges paid to the brokers as their commissions. These charges can very easily rack up and significantly drain an investor’s principal.

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 Dwarka Persaud, 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.