The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Eldridge Parks. According to his publicly available FINRA BrokerCheck report, Eldridge Parks has been the subject of a customer dispute and a FINRA sanction.
Eldridge Parks was a Michigan based securities broker. He worked in the securities industry for thirty-six years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- E.F. Hutton & Company (1982-1988)
- Lehman Brothers (1988-1993)
- Citigroup Global Markets (1993-2009)
- Morgan Stanley (2009-2013)
- Raymond James (2013-2018)
The Allegations
- In December 2017, a customer alleged that Eldridge Parks recommended unsuitable securities and over-concentrated their account in said unsuitable securities. This case was settled for $50,000 in damages.
- Eldridge Parks was officially sanctioned by FINRA in August 2019. The findings in this matter state that Eldridge Parks failed to comply with an investigation into allegations that he made unsuitable investment recommendations. Due to his alleged failure to comply, he was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Most investors do not have the ability to invest suitably without the aid of a securities broker. Securities brokers possess the investment experience and knowledge that regular investors just do not have. One of the most important aspects of a broker’s job is to recommend suitable investments to their customers. Brokers can determine suitability by analyzing a number of factors. These factors include the customers age, financial situation, investment objectives, liquidity needs, annual income, risk tolerance, and more. Brokers are expected to adequately determine suitability with any failure to do so seen as broker negligence.
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 Eldridge Parks, 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.
