The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Guy Conger. According to his publicly available FINRA BrokerCheck report, Guy Conger has been the subject of a FINRA sanction and a customer dispute in connection with allegations of unauthorized trading.

Guy Conger was a Texas based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • The Champion Group (1992)
  • Sunamerica Securities (1997)
  • American Express Financial Advisors (1997)
  • Waddell & Reed (1998-2002)
  • Money Concepts Capital (2002-2017)

The Allegations

  • In June 2016, a customer alleged that Guy Conger executed unauthorized transactions in his account. This case was settled for $33,000 in damages.
  • Guy Conger was officially sanctioned by FINRA in February 2018. The findings in this matter state that he allegedly improperly used discretion to place trades in customers’ accounts. He allegedly did not receive written authorization from the account holders to use discretion. In addition, his member firm had not accepted those particular accounts as suitable for discretionary trading. Due to these allegations, he was fined $15,000 and suspended by FINRA for a period of six months.

What Does This Mean?

Securities brokers are not allowed to execute trades on their customers’ behalf without first obtaining said customers’ authorization to do so. Just because an investor has hired a securities broker to recommend suitable securities does not mean they have forfeited the right to decide for themselves what they are ultimately invested in. There is a trading practice known as discretion in which brokers can execute trades in a client’s account without having to obtain authorization for every trade. However, before a broker can begin engaging in this practice, they must first obtain express written authorization from the account holder, as well as have their member firm accept the account as suitable for discretionary trading. The truth about discretion is that it is a very slippery slope. This practice gives brokers an excess of power that allows them to trade the accounts of investors unsuitably both in the investments they choose and the frequency that they execute trades.

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 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 Guy Conger, please contact Oakes & Fosher for a free and private consultation.