The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Edward O. Daniel. According to his publicly available FINRA BrokerCheck report, Edward O. Daniel has been the subject of multiple customer disputes.
Edward O. Daniel was a Texas based securities broker. He worked in the securities industry for forty-one years. During his career, he was registered with four different securities firms.
His Registrations
- Bache & Co. Incorporated (1975-1977)
- Prudential Securities Incorporated (1977-1993)
- Morgan Stanley (1993-2009)
- Wells Fargo Advisors (2009-2016)
The Allegations
- In December 1991, a customer alleged that Edward O. Daniel executed the unauthorized sale of J.C. Penny stock. This case was settled for $10,000 in damages.
- In March 1993, customers allege that Edward O. Daniel mishandled their account, made material misrepresentations, engaged in fraud, handled their account negligently, and recommended unsuitable securities. This case was settled for $30,000 in damages.
- In March 1995, a customer alleged that Edward O. Daniel recommended unsuitable investments. This case went to arbitration, where the client was awarded $8,750 in damages.
- In October 2016, a customer alleged that Edward O. Daniel recommended unsuitable investments. This case was settled for $225,000 in damages.
- In September 2018, Edward O. Daniel was officially sanctioned by FINRA following allegations that he failed to comply with a FINRA investigation into his alleged unsuitable investment recommendations. Due to his alleged failure to comply, he was barred from acting as a securities broker in any fashion.
What Does This Mean?
Most investors lack the investment knowledge and experience to invest suitably on their own behalf without the aid of a securities broker. That is the reason that investors hire brokers in the first place. So that they can recommend investments to them that they are actually financially suited for. One of the most important aspects of a securities broker’s job is being able to determine suitability by looking at various different factors. These factors include liquidity needs, financial situation, age, annual income, risk tolerance, investment objectives, and more. Securities brokers like Edward O. Daniel are expected to conduct the necessary due diligence that is required to determine suitability based on these factors. Because of this, they are unable to excuse themselves when things go awry by claiming they were unaware of an investment’s unsuitability.
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 O. Daniel, please contact Oakes & Fosher for a free and private consultation.
