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

Erik Pica is a New York-based securities broker. He has worked in the securities industry for fifteen years. During his career, he has been registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Eastbrook Capital Group (2004-2008)
  • Chicago Investment Group (2008-2009)
  • First Midwest Securities (2009-2012)
  • Global Arena Capital Corp. (2012-2015)
  • Joseph Stone Capital (2015-2019)

The Allegations

  • In December 2011, a customer alleged that Erik Pica made material misrepresentations about the sale of an ETF security. This case was settled for $4,999 in damages.
  • In June 2017, a customer alleged that Erik Pica failed to treat them in a just and equitable manner. The customer also alleged that Erik Pica breached his fiduciary duty, breached contract, managed their account negligently, made negligent misrepresentations. This case is currently pending. The customer is seeking $120,000 in damages.
  • In March 2018, a customer alleged that Erik Pica recommended unsuitable and highly speculative securities, charged them excessive commissions, and churned their account. This case is currently pending. The customer is seeking $500,000 in damages.
  • In Mary 2018, a customer alleged that Erik Pica over-concentrated their account and recommended unsuitable investments. This case was settled for $30,000 in damages.
  • In October 2019, Erik Pica was officially sanctioned by FINRA. The findings in this matter state that he converted and misused $200,000 from one of his elderly customers. Due to these alleged actions, Pica was terminated from his position at Joseph Stone Capital, barred by FINRA from acting as a securities broker in any fashion, and forced to repay the $200,000 in restitution.

What Does This Mean?

Converting a customer’s funds is one of the blatantly fraudulent acts a securities broker could ever commit. The relationship between brokers and investors can only exist if there is trust between the two parties. When investors hear horror stories of brokers converting their customers’ money, it makes them worry that something similar could happen to them. This then erodes the trust between investors and brokers and contributes to the possible downfall of the investor/broker relationship.

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 Erik Pica, 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.