The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Jan Earl Haynes. According to his publicly available FINRA BrokerCheck report, Jan Haynes has been the subject of multiple customer disputes over the course of his career.
Jan Haynes was a California-based securities broker. He has worked in the securities industry for forty two years. During his career, he has been registered with eighteen different securities firms. He is no longer working in the securities industry in any fashion.
His Registrations
- Bateman Eichler, Hill Richards Incorporated (1977-1978/1987-1988)
- Shearson Loeb Rhoades (1978-1979)
- Dean Witter Reynolds (1979-1980)
- San Diego Securities (1980-1982)
- Sutro & Co (1982-1984)
- Detwiler, Ryan & Co (1984-1984)
- Shearson Lehman Brothers (1984-1986)
- E.F. Hutton & Company (1986-1987)
- Newhard, Cook & Co (1988-1989)
- Advest (1989-1992)
- Dickinson & Co (1992-1994)
- Cohig & Associates (1994-1995)
- Ras Securities (1995-1997)
- J. Robbins Securities (1997-1998)
- The Concord Equity Group (1998-1999/2005-2007)
- First Montauk Securities Corp (1999-2005)
- National Securities Corporation (2007-2010)
- Centaurus Financial (2010-2016)
- Integrity Brokerage Services (2017-2020)
The Allegations
- In October 1996, a customer alleged that Jan Haynes executed unauthorized trades in their account. This case was settled for $11,000 in damages.
- In March 2006, a customer alleged that Haynes recommended unsuitable investments. This case was settled for $15,000 in damages.
- In November 2006, a customer alleged that Haynes managed their account negligently with unsuitable investments while also churning their account. This case was settled for $195,000 in damages.
- In November 2012, a customer alleged that Haynes recommended unsuitable investments, executed unauthorized trades, and engaged in fraud and elder abuse. This case was settled for $10,000 in damages.
- In July 2014, a customer alleged that Haynes breached fiduciary duty, made misrepresentations and omissions of information on investments in their account. This case was settled for $13,000 in damages.
- In July 2014, a customer alleged that Haynes misrepresented investments in their account. This case was settled for $22,500 in damages.
- In March 2021, a customer alleged that Haynes recommended illiquid and complex investments. This case was settled for $45,000 in damages.
- In July 2021, a customer alleged that Haynes intentionally misrepresented unsuitable investments and engaged in potentially fraudulent activity with respect to certain investments. This case was settled for $110,000 in damages.
- In October 2021, Haynes was officially sanctioned by FINRA for failing to respond to requests for information. As a result of this, Haynes was suspended in all capacities indefinitely.
- In December 2021, California began the proceedings to seek sanctioning on Haynes regarding their investigation into allegations that he, while a registered broker-dealer, offered and sold securities to a client without disclosing material facts. They alleged that he took client money in violation of the rules prohibiting manipulative, deceptive, or fraudulent schemes or devices. This investigation is currently pending.
What Does This Mean?
Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization. There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first. This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.
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 Jan Earl Haynes, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
