The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Gaetano Magarelli. According to his publicly available FINRA BrokerCheck report, Gaetano Magarelli has been the subject of multiple customer disputes.
Gaetano Magarelli was a Florida based securities broker. He worked in the securities industry for twenty-four 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
- J.W. Gand & Associates (1992)
- Joseph Charles & Associates (1992-1995)
- JWGenesis Securities (1995-1999)
- Global Capital Securities Corporation (1999-2001)
- IDS Life Insurance Company (2002-2006)
- Ameriprise Financial Services (2002-2009)
- Newbridge Securities Corporation (2010-2018)
The Allegations
- In October 2008, a customer alleged that Gaetano Magarelli engaged in unauthorized trading.
- In November 2015, a customer alleged that Gaetano Magarelli recommended unsuitable investments and made trades in the account without customer authorization. This case was settled for $27,500 in damages.
- In August 2017, a customer alleged that Gaetano Magarelli traded her account unsuitably between December 2010 and February 2017. This case was settled for $109,000 in damages.
- In October 2019, a customer alleged that Gaetano Magarelli breached his fiduciary duty, managed their account negligently, and breached contract. This case is currently pending. The customer is seeking $130,000 in damages.
What Does This Mean?
Broker negligence encompasses a wide variety of acts. Essentially, it occurs whenever an investor is harmed by something that could have been prevented had the broker been doing their job properly. This can be the broker placing the investor in investments they are not financially suited for because they failed to conduct the necessary due diligence. Or it can be the broker making accidental misrepresentations or omissions about investments that could have been prevented had the broker done the necessary research. Brokers guilty of severe negligence lack the ability to perform their duties to the standard required for someone in their position. Brokers have an investor’s livelihood at stake, and it is imperative that they take every step necessary to insure that the investor is taken care of and prevent them from being financially harmed.
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 Gaetano Magarelli, 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.
