The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Elvis Parkes. According to his publicly available FINRA BrokerCheck report, Elvis Parkes has been the subject of multiple customer disputes over the course of his career.

Elvis Parkes is a New York-based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with seven different securities firms.

His Registrations

  • Gruntal & Co. (1993-1994)
  • Nicholas, Safina, Lerner & Co. (1994-1995, 1997-1998)
  • The Boston Group (1995-1996)
  • Briarwood Investment Counsel (1998-1999)
  • First Republic Group (1999-2007)
  • Capital Growth Financial (2007-2008)
  • Reid & Rudiger (2008-Present)

The Allegations

  • In September 2006, a customer alleged that Elvis Parkes charged them excessive commissions. This case was settled for $131,000 in damages.
  • In December 2006, a customer alleged that Elvis Parkes allegedly made an unsuitable transaction. This case was settled for $118,109 in damages
  • In January 2007, Elvis Parkes was officially sanctioned by NASD. The findings in this matter state that he effected the purchase of securities in the account of public customers without their knowledge or consent. Due to these alleged actions, he was fined $5,000, forced to pay $4,142.87 in restitution, and suspended from acting as a securities broker in any fashion for a period of thirty-five days.
  • In February 2007, a customer alleged that Elvis Parkes executed unauthorized trades. This case was settled for $5,000 in damages.
  • In February 2007, Elvis Parkes was terminated from his position at First Republic Group following allegations of making unsuitable transactions.
  • In June 2016, a customer alleged that Elvis Parkes made unsuitable recommendations. This case was settled for $65,000 in damages.
  • In July 2018, another customer alleged that Elvis Parkes recommended unsuitable investments. This case was settled for $35,000 in damages.
  • In September 2019, a customer alleged that Elvis Parkes recommended unsuitable investments, excessively traded their account, and breached his fiduciary duty. This case is currently pending. The customer is seeking $86,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always act in their best financial interests. This obligation to their customers is their duty as a fiduciary. The most important aspect of this duty, is choosing investments for their customers that are actually suitable for them. This suitability is determined by financial information provided to the broker by the investor at the beginning of their professional relationship. These determining factors include; the customer’s age, annual income, financial situation, risk tolerance, liquidity needs, and investment objectives. Brokers who invest their customers contrary to these determining factors have breached their fiduciary duty.

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 Elvis Parkes, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.