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

Gary Benson is a California based securities broker. He has worked in the securities industry for thirty-six years. During his career, he has been registered with four different securities firms.

His Registrations

  • Mutual Benefit Financial Service Company (1984)
  • Associated Securities Corp. (1984-1999)
  • National Planning Coporation (1999-2006)
  • NFB Financial Group (2006-Present)

The Allegations

  • In May 1992, a customer alleged that Gary Benson negligently misrepresented facts, breached his fiduciary duty, and acted negligently in the purchase of various public limited partnerships, mutual funds, and a single premium deferred annuity. This case was settled for $40,000 in damages.
  • In December 2010, a customer alleged that Gary Benson breached his fiduciary duty. This case was settled for $110,000 in damages.
  • In September 2011, a customer alleged that Gary Benson failed to adequately explain the details of an investment which led to a misunderstanding on the part of the customer. This case was settled for $30,000 in damages.
  • In December 2012, a customer alleged that Gary Benson failed to conduct reasonable due diligence, misrepresented material facts, and made unsuitable investment recommendations that were unsuitable based on the customer’s financial situation, needs, and investment objectives. This case was settled for $225,000 in damages.
  • In January 2013, a customer alleged that Gary Benson recommended unsuitable investments. This case was settled for $215,000 in damages.
  • In July 2014, a customer alleged that Gary Benson converted funds meant for her. Gary Benson was allegedly listed as the beneficiary for the customer’s sister’s IRA account. This case was settled for $210,000 in damages.

What Does This Mean?

Converting a customer’s funds is one of the most fraudulent and blatant acts a securities broker could ever commit. In order for the relationship between brokers and investors to even exist, investors must trust their brokers. Brokers who forge documentation and steal their clients’ money act as a sort of bogeyman among investors and might prevent them from trusting brokers altogether. It is up the securities firms to adequately monitor their registered brokers. Firms that do not prevent their customers from being harmed in this fashion are liable for the damages the customer incurred.

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 Gary Benson, 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.