The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Francisco Faraco. According to his publicly available FINRA BrokerCheck report, Francisco Faraco has been the subject of a customer complaint and a FINRA sanction.

Francisco Faraco was a New York based securities broker. He worked in the securities industry for ten years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Merrill Lynch (2006-2007)
  • Santander Securities (2007-2010)
  • J.P. Morgan Securities (2010-2015)
  • Morgan Stanley (2015-2017)

The Allegations

  • In September 2016, a customer alleged that a bond transaction executed by Francisco Faraco had not be authorized. The customer also alleged that said bond transaction was not suitable. This case was settled for $1.75 million.
  • In February 2017, Francisco Faraco was discharged from Morgan Stanley due to allegations of him forging signatures and falsifying documents. This allegedly was in connection to a $15 million loan that a customer of his had requested.
  • In July 2018, Francisco Faraco was officially sanctioned by FINRA due to the above mentioned allegations regarding the $15 million loan. Due to these alleged actions, Francisco Faraco was fined $5,000 and was suspended from acting as a securities broker in any fashion for a period of three months.

Unauthorized Trading

Securities brokers have an obligation to their customers to always act in their best financial interests. A major part of this means obtaining their customers’ authorization before executing trades on their behalf. This is because investors are entitled to the opportunity to decide for themselves if they want to be invested in a particular security. Sometimes brokers will execute trades without their customers’ authorization if they believe their customer will not approve of the security. This can often result in significant trading losses.

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 Francisco Faraco, 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.