The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jeffrey Dragon. Jeffrey Dragon was a Massachusetts based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • John Hancock Distributors (1988-1995)
  • GNA Securities (1995-1996)
  • Citizens Investment Securities (1996-1997)
  • Citigroup Global Markets (1997-2003)
  • Merrill Lynch (2003-2007)
  • Berthel, Fisher & Company (2007-2016)

The Allegations

In March 2017, Jeffrey Dragon was officially sanctioned by FINRA. The findings in this matter state that Dragon engaged in a pattern of recommending unsuitable short-term trading of unit investment trusts (UITs) to twelve of his Berthel, Fisher customers. UITs are securities that accompany a wide portfolio of equities sold as individual units. UITs are not designed for short term trading for multiple reasons. One is that these securities are designed to be held onto for longer periods of time for them to mature. Selling these products before their maturity date prevents investors from seeing desired returns. Second, these securities are accompanied by substantial sales charges at the time of the purchase. Most of these charges equate to commissions for the broker. Jeffrey Dragon allegedly recommended to these customers that they purchase these UITs and then liquidate them before their maturity dates in order to generate higher commissions for himself. Due to these alleged actions, he was fined $50,000 and suspended from acting as a securities broker in any fashion for a period of twenty-one months.

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 Jeffrey Dragon, 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.