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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 be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe that this may be them.

Oakes & Fosher is currently investigating the possible misconduct of securities broker Hugh Levey. According to his publicly available FINRA BrokerCheck report, Hugh Levey has been the subject of a FINRA sanction.

Hugh Levey was a New York based securities broker. He worked in the securities industry for thirteen years. During his career, he was registered with just two different securities firms.

His Registrations

  • Gruppo, Levey & Co. (2003-2012)
  • Source Capital Group (2012-2016)

The Allegations

According to FINRA findings released in January 2017, Hugh Levey failed to appear for on-the-record testimony during a FINRA investigation into his potential misuse of funds. Due to this alleged failure, he was barred by FINRA from acting as a securities broker in any fashion.

Misappropriation of Funds

A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Hugh Levey, please contact Oakes & Fosher for a free and private consultation.