The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Edward Beyn. According to his publicly available FINRA BrokerCheck report, Edward Beyn has been the subject of multiple customer disputes.
Edward Beyn was a New York-based securities broker. He worked in the securities industry for seven 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
- Pointe Capital (2008)
- Clark Dodge & Co. (2008-2009)
- JHS Capital Advisors (2009-2010)
- Brookstone Securities (2010-2012)
- Craig Scott Capital (2012-2015)
- Rothschild Lieberman (2015-2016)
The Allegations
- In August 2014, a customer alleged that Edward Beyn committed fraud, made negligent misrepresentations, recommended unsuitable investments, violated federal securities laws, and breached his fiduciary duty. This case is currently pending. The customer is seeking $200,000 in damages.
- In September 2014, a customer alleged that Edward Beyn misrepresented the amount of commissions he would charge. This case is currently pending.
- Also in September 2014, a customer alleged that the trades Edward Beyn placed him in were highly speculative and unsuitable. The customer also alleged that Beyn breached his fiduciary duty. This case is currently pending. The customer is seeking $1 million in damages.
- In March 2016, Edward Beyn was barred by FINRA from acting as a securities broker in any fashion following allegations that he churned customers’ accounts.
- In March 2018, a customer alleged that Edward Beyn churned their account, recommended unsuitable investments, executed unauthorized trades, committed fraud, made material misrepresentations, and violated Securities Laws. This case went to arbitration where the customer was awarded an undisclosed amount in damages. The award has yet to be paid to the customer.
What Does This Mean?
Churning is a deceptive trading practice instituted by securities brokers like Edward Beyn. It centers around the securities broker trading a customer’s account excessively even if it has no financial benefit to the investor. The reason they do it then is because it generates additional commissions for each trade they execute. Despite its fraudulent nature, many securities brokers continue to engage in this practice.
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 Edward Beyn, 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.
