The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Frank Hamrak. According to his publicly available FINRA BrokerCheck report, Frank Hamrak has been the subject of multiple customer disputes.
Frank Hamrak was a New York-based securities broker. He worked in the securities industry for thirty-one 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
- Dean Witter Reynolds (1985-1986)
- Lehman Brothers (1985-1993)
- Painewebber Incorporated (1993-1998)
- Citigroup Global Markets (1998-2005)
- Morgan Stanley (2005-2010)
- Beech Hill Securities (2010-2017)
The Allegations
- In January 1993, a customer alleged that Frank Hamrak recommended unsuitable investments. This case was settled for $40,000 in damages.
- In May 2016, a customer alleged that Frank Hamrak recommended unsuitable investments, managed their account negligently, breached his fiduciary duty, and breached contract. This case was settled for $310,000 in damages.
- In November 2016, a customer alleged that Frank Hamrak recommended unsuitable investments. This case was settled for $127,000 in damages.
- In June 2018, a customer alleged that Frank Hamrak managed their account negligently, breached contract, and breached his fiduciary duty. This case was settled for $70,000 in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their (the customer’s) best financial interests. This is their duty as a fiduciary. This fiduciary duty actually serves to be the main reason that investors trust their securities brokers. Investors would not be able to leave their hard earned money with a separate party if they did not trust it would be taken care of. Investors trust brokers because they known brokers are bound by this duty to act in their best financial interests. Brokers who breach this duty work toward the erosion of this trust and the entire broker/investor 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 Frank Hamrak, 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.
