The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Harold Couglar. According to his publicly available FINRA BrokerCheck report, Harold Couglar has been the subject of a FINRA sanction.
Harold Couglar was a California based securities broker. He worked in the securities industry for thirty-one years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
- Linsco/Private Ledger Corp (1983-2003)
- CBIZ Financial Solutions (2005-2012)
- Montage Securities (2012-2017)
Harold Couglar was barred by FINRA in May 2018 from acting as a securities broker in any fashion. This was due to him allegedly taking part in outside business activities without giving notice to his member firm. Harold Couglar allegedly executed over $30 million in trades outside the scope of his member firm. Couglar had been terminated from his member firm two years prior when the allegations first came to light.
What Does This Mean?
Securities broker are not allowed to execute private securities transactions without first disclosing the scope of their involvement to their member firms. This is because securities firms are responsible for protecting their customers from unsuitable investments brought on by conflicts of interest. When securities brokers recommend privately traded securities to investors, it can often be due to a substantial conflict of interest. Securities brokers might recommend a privately traded security to investors because they have a financial stake in that security, because they are receiving cash kickbacks from a third party to recommend the security, or simply because they receive an excessively high commission when the transaction is executed. These motivations might cause brokers to recommend securities to customers that are not financially suited for them. Securities firms are liable for any losses their customers may incur as a result of this type of activity. They are not absolved from liability simply because their registered broker does not disclose this information to them. Firms are required to have procedures in place designed to adequately supervise brokers and prevent them from engaging in any unauthorized activity.
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 Harold Couglar, 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.