Over the last 12 years, Oakes & Fosher has tried and won more FINRA arbitration cases on behalf of individual investors than any other law firm in the country.

*Past results do not guarantee a similar outcome. The choice of a lawyer is an important decision and should not be based alone on prior results.

AdobeStock 69409122

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Jerry Michna. According to his publicly available FINRA BrokerCheck report, Jerry Michna has been the subject of multiple customer disputes over the course of his career.

Jerry Michna is an Ohio based securities broker. He has worked in the securities industry for twenty-four years. During his career, he has been registered with six different securities firms.

His Registrations

  • Walnut Street Securities (1996)
  • Royal Alliance Associates (1996-2003)
  • Securities America (2003-2004)
  • USAllianz Securities (2004-2006)
  • Questar Capital Corporation (2006-2017)
  • Cetera Advisor Networks (2017-Present)

The Allegations

  • In April 2016, a customer alleged that Jerry Michna recommended unsuitable equity securities. This case was settled for $75,000 in damages.
  • In July 2018, an attorney, on behalf of a customer, alleged that Jerry Michna recommended highly unsuitable energy sector equities. This case was settled for $100,000 in damages.


Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Jerry Michna can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 Jerry Michna, 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.