Oakes & Fosher is currently investigating former securities broker Fred R. Brown for possible fraud or negligence. According to his publicly available FINRA BrokerCheck report, Fred R. Brown has been the subject of multiple customer disputes.

Fred R. Brown worked most recently as Alabama based securities broker. He worked in the securities industry for thirty-two years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Merrill Lynch (1985, 2012-2017)
  • Wolfe & Hurst Securities (1985-1987)
  • E.F. Hutton & Company Inc. (1985-1988)
  • Lehman Brothers Inc. (1988-1993)
  • Citigroup Global Markets (1993-2005)
  • Morgan Stanley (2005-2009)
  • UBS Financial Services (2009-2012)

The Allegations

  • In June 2017, a customer alleged that Fred R. Brown solicited a loan from them that was never repaid.
  • In October 2017, a customer alleged that Fred R. Brown misappropriated funds from them through the solicitation of a fraudulent loan. This case was settled for $55,000 in damages.
  • In June 2019, Fred R. Brown was sanctioned by FINRA for the above mentioned allegations. He was fined $12,500 and suspended from acting as a securities broker in any fashion for a period of eight months.

What Does This Mean?

Less than scrupulous securities brokers can sometimes tell their customers a story that their money is tied up in investments and that they need a cash loan to get by. This might be done knowing full well that they will not ever be able to repay the solicited loan. Investors who lost money after loaning funds to their securities broker may be entitled to damages.

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 Fred R. Brown, 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.