The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker James Kujawski. According to his publicly available FINRA BrokerCheck report, James Kujawski has been the subject of multiple customer disputes.
James Kujawski is a Maryland based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with six different securities firms.
His Registrations
- Lehman Brothers (1990-1993)
- Smith Barney (1993-1997)
- Prudential Securities Incorporated (1997-1999)
- Morgan Stanley (1999-2009)
- UBS Financial Services (2009-2018)
- Ameriprise Financial Services (2018-Present)
The Allegations
- In September 1999, an attorney, on behalf of a customer, alleged that James Kujawski executed unauthorized and excessive trades that were not suited for them. This case went to arbitration where the customer was awarded $10,000 in damages.
- In March 2009, a customer alleged that James Kujawski purchased inappropriate non-marginable stocks in their account. This case was settled for $40,000.
- In July 2009, claimants alleged that James Kujawski made material misrepresentations about unsuitable investments. This case was settled for $12,500.
- In July 2010, a customer alleged that James Kujawski purchased an unsuitable investment on their behalf. This case was settled for $14,000.
- In August 2018, James Kujawski was officially sanctioned by FINRA. The findings in this matter state that he took part in private securities transactions by facilitating the repurchase of a call option between two individuals, neither of whom were customers at his member firm. He accepted $73,444.90 in compensation for his part in the transaction. He did not disclose this arrangement to his member firm. Due to these allegations, he was terminated from his position at UBS Financial, fined $10,000, forced to pay $38,000 in disgorgement, and suspended from acting as a securities broker for a period of four months.
What Does This Mean?
Securities brokers are not allowed to engage in private securities transactions outside their member firm’s scope without disclosing their involvement to said member firm. This is because investors can often be financially harmed when brokers begin recommending securities that the securities firm does not monitor. Securities firms are liable for any damages that investors may incur due to their securities broker recommending these private securities. These firms must have procedures in place to adequately monitor their registered brokers and prevent them from engaging in 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 James Kujawski, 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.
