The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker James Larkin Powers. According to his publicly available FINRA BrokerCheck report, James Larkin Powers has been the subject of a FINRA sanction.

James Larkin Powers operated most recently as a Georgia based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Kidder, Peabody & Company (1994)
  • Sharpe Capital (1994-2000)
  • Magna Securities (2000-2005)
  • DU Pasquier & Co. (2005-2014)
  • Aegis Capital (2014-2015)
  • IFS Securities (2016)
  • Celadon Financial Group (2016)

The Allegations

James Larkin Powers was officially sanctioned by FINRA in 2016. The findings in this matter state that he allegedly created a fraudulent trading scheme designed to convert customer funds. James Larkin Powers allegedly overcharged investors while executing trades on their behalf. With the extra funds, he allegedly would book fictitious trades that he would then cancel right before they were set to be executed. He would then allegedly transfer the now freed up funds to his personal account. Through this scheme, James Larkin Powers received $388,133. Due to these alleged actions, he was required to repay the entire $388,133 in disgorgement, fined approximately $9,000 and barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

The only way that the relationship between securities brokers and investors can even exist is if there is trust. Investors could not leave their money with another person if they did not think that they could be trusted with it. This trust only exists because securities brokers are bound by their fiduciary duty to always act in their customers’ best financial interests. Securities brokers who convert their customers’ funds act as sort of a boogey man to other investors and make them fear that something similar may happen to them. These types of brokers work toward the erosion of that trust which contributes to a possible eventual downfall of the investor/broker relationship.

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 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 Larkin Powers, 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.