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

Jason N. Anderson was a Texas based securities broker. He worked in the securities industry for fifteen years. During his career, he was registered with four different securities firms. He is not currently working as a registered securities broker in any fashion.

His Registrations

  • Edward Jones (2001-2007)
  • LPL Financial (2007-2016)
  • Kovack Securities (2016)
  • IFS Securities (2016-2017)

The Allegations

  • In January 2016, Jason N. Anderson was discharged from his position at LPL Financial following allegations that he exercised discretion in non-discretionary accounts.
  • In December 2016, customers alleged that Jason N. Anderson executed unauthorized trades, churned their accounts, and mismanaged their accounts. This case was settled for $410,000 in damages.
  • In January 2018, Jason N. Anderson was officially sanctioned by the state of Texas. According to the findings, Jason N. Anderson recommended a highly unsuitable Equity Strategy to customers without taking the trading costs the customers would incur into consideration. Due to these alleged actions, Jason N. Anderson was suspended from acting as a securities broker in any fashion for a period of ninety days.
  • In November 2018, a customer alleged that Jason N. Anderson engaged in unauthorized trading, churned their account, and made unsuitable investment recommendations. This case was settled for $60,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always act in their best financial interests. Some less than scrupulous securities brokers ignore this and engage in fraudulent and self-serving acts. One such act, that multiple customers accused Jason N. Anderson of, is a trading practice known as churning. This is a fraudulent act that occurs when a securities broker trades their customer’s account excessively with the express intent of increasing their own commissions. Churning can be detrimental to investors due to the highly unnecessary fees that it causes them to incur. These fees add up during the excessive trading and cause their principal investment to be significantly lowered. This greatly diminishes their chances of seeing any desired returns.

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 Jason N. Anderson, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.