Gregory Spencer O’Brien of Aegis Capital Corp Allegedly Breaches Fiduciary Duty

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

Gregory O'Brien was a New York-based securities broker. He has worked in the securities industry for twenty two years. During his career, he has been registered with seven different securities firms.

His Registrations

• Seaboard Securities Inc (2000-2001)


• Gilford Securities Incorporated (2001-2001)


• Milestone Financial Services (2001-2002)


• Gunnallen Financial (2002-2005)


• America's Choice Equities (2005-2013)


• Aegis Capital Corp (2013-2018)


• Phx Financial (2018-present)

The Allegations 

• In May 2012, a customer alleged that Gregory O'Brien had made unsuitable investment recommendations. This case was settled for $25,000 in damages.


• In February 2018, a customer alleged that O'Brien recommended unsuitable investments, breached fiduciary duty, and breached contract. This case was settled for $147,500 in damages.


• In January 2019, a customer alleged that O'Brien breached fiduciary duty, managed their account negligently, and committed fraud. This case was settled for $59,000 in damages.


• In June 2020, a customer alleged that O'Brien managed their account with unsuitable use of margin and poor performance. This case was settled for $125,000 in damages.


• In April 2022, a customer alleged that O'Brien recommended unsuitable investments. This case was settled for $25,000 in damages.

What Does This Mean?

The relationship between investors and securities brokers exists on a foundation of trust. The reason that investors can generally feel secure in trusting their broker is because they are aware that brokers are obligated to always act in their customers’ best financial interests. This obligation is also known as the broker’s fiduciary duty. Brokers who breach this duty work toward the erosion of that trust, which in turn can significantly damage the 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 Gregory Spencer O'Brien, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.