The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker James Kirchner. According to his publicly available FINRA BrokerCheck report, James Kirchner has been the subject of multiple customer disputes.

James Kirchner was an Illinois based securities broker. He worked in the securities industry for twenty-two 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 

  • UBS Financial Services (1997-2009)
  • Merrill Lynch (2009-2014)
  • David A. Noyes & Company (2014-2018)
  • IFS Securities (2019)
  • Cabot Lodge Securities (2019-2020)

The Allegations 

  • In February 2001, a customer alleged that James Kirchner executed unauthorized trades, recommended unsuitable trades, and engaged in an unauthorized disbursement of funds. This case went to arbitration where the customer was awarded $15,642 in damages.
  • In June 2018, a customer alleged that James Kirchner failed to explain margin trading to him fully before they engaged in it. This case was settled for $15,000 in damages.
  • In May 2019, a customer alleged that James Kirchner recommended highly unsuitable private securities known as private placements. This case is currently pending. The customer is seeking $275,000 in damages.
  • In July 2019, another customer alleged that James Kirchner recommended a highly unsuitable private placement. This case is also currently pending. The customer is seeking $100,000 in damages.
  • In January 2020, more customers alleged that James Kirchner recommended highly unsuitable private placements. This case is also currently pending. The customers are seeking $300,000 in damages.

What Are Private Placements?

Private placements are privately traded securities not sold on any public securities exchanges. They are also not registered with the Securities and Exchange Commission. Because of this, these products are often very poorly regulated and can often cause significant financial harm to investors. Many securities brokers take advantage of private placements’ complicated nature to misrepresent them as sound investments. The truth is that these products are incredibly speculative and illiquid investments. They are also accompanied by incredibly high upfront fees that drain investor principals substantially. These fees can drain principal investments so much that in some cases as little as 85 cents on the dollar actually goes to the investment.

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 James Kirchner, 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.