The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Emil Skyba. According to his publicly available FINRA BrokerCheck report, Emil Skyba has been the subject of multiple customer disputes.
Emil Skyba was a Connecticut based securities broker. He worked in the securities industry for forty-five 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
- Paine, Webber, Jackson & Curtis (1972-1975)
- Hornblower & Weeks – Hemphill, Noyes Inc. (1974-1976)
- Shearson Hayden Stone (1976-1977)
- Lehman Brothers (1977-1993)
- UBS Financial Services (1993-2014)
- Westport Capital Markets (2015-2017)
The Allegations
- In April 1991, a customer alleged that Emil Skyba recommended unsuitable investments. This case was settled for $16,575 in damages.
- In April 1992, a customer alleged that Emil Skyba engaged in excessive margin trading and made material misrepresentations. This case was settled for $150,000 in damages.
- In May 2011, claimants alleged that Emil Skyba engaged in the unsuitable trading of their IRA by purchasing and holding leveraged ETFs. The alleged transgressions taking place between February 2009 and July 2011. This case was settled for $75,000 in damages.
- In November 2017, a customer alleged that the investments that Emil Skyba placed him in were unsuitable based on his age and need to withdraw funds on an ongoing basis. This case was settled for $30,000 in damages.
- In May 2018, Emil Skyba was sanctioned by FINRA for failing to provide requested documents during an investigation into allegations of him altering new client account forms. Due to these allegations, he was barred from acting as a securities in any fashion.
What Does This Mean?
Some less than scrupulous securities brokers sometimes make alterations on their customers’ financial documents as it allows them to better serve their own interests. Customers of member firms fill out financial information documenting their investment objectives, net worth, liquidity needs, and more. Sometimes, brokers who want to execute transactions for customers outside the scope of their stated investment objectives and financial situation alter customer records. This is because it tricks their member firm into thinking these customers are suited for more aggressive trading.
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 Emil Skyba, 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.
