The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker J. Gordon Cloutier Jr. J. Gordon Cloutier Jr. was a Texas based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with two different securities firms.
His Registrations
- Merrill Lynch (1996-2009)
- Wells Fargo (2009-2016)
The Allegations
J. Gordon Cloutier Jr.’s publicly available FINRA BrokerCheck report shows recent allegations that definitely qualify as stockbroker misconduct. He allegedly went to one of his client’s and asked them for a personal loan. He also allegedly did not confirm authorization the same day with this same client before attempting a trade. Due to these allegations, J. Gordon Cloutier Jr. was terminated from his position at Wells Fargo.
Cloutier allegedly failed to cooperate with FINRA’s investigation into the matter. He allegedly failed to provide them with under oath testimony and other financial documents during their investigation. Due to this alleged lack of cooperation, he was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Most registered securities firms prohibit their registered brokers from soliciting loans from member firm customers. This is because the securities broker holds a position of power over their customers that makes soliciting loans from them an abuse of said power. Investors may feel pressured into providing their broker with the requested loan–even if complying with the request can be financially detrimental to them.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. 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 J. Gordon Cloutier Jr., 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.
