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

James Meagher was a New York based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Baird, Patrick & Co. (1994-1996)
  • Paragon Capital Markets (1997-2002)
  • Program Trading Corp. (2002-2003)
  • Seaboard Securities (2003-2004)
  • Viewtrade Securities (2004-2007)
  • Noble International Investments (2007-2009)
  • Chardan Capital Markets (2009-2012)
  • World Trade Financial Corporation (2012-2014)
  • Monarch Bay Securities (2015-2016)

The Allegations

James Meagher was officially sanctioned by FINRA in September 2017. The findings in this matter state that he allegedly took part in a manipulative trading practice known as marking the close. He allegedly marked the close by placing orders to purchase OTC securities for his member firm’s proprietary accounts shorty before market close on the final trading day of each month. His alleged orders were placed at prices that exceeded the inside offer at the time, and his executions resulted in higher closing prices for the securities. These higher closing prices were used by the firm to increase the value of securities in the firm’s proprietary account, which Meagher was responsible for trading. This of course increased his compensation from the firm.

The findings also state that, after leaving his firm, he allegedly had an individual wire $25,080 to him for the purpose of purchasing shares of a security at $38 per share. Instead of completing this, he allegedly bought a lesser amount of shares and converted $3,080 of the customer funds for his own personal use. Then, one week later, he allegedly sold all of the customer’s shares he did purchase at just $30 a share and used the proceeds for his own personal expenses.

Due to his alleged involvement in these two fraudulent schemes, he was barred by FINRA from acting as a securities broker in any fashion and forced to pay $13,195 in restitution.

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 Meagher, please contact Oakes & Fosher for a free and private consultation.