The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jimmy Makris. According to his publicly available FINRA BrokerCheck report, Jimmy Makris has been the subject of multiple customer disputes.
Jimmy Makris was a Florida based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Argus Securities (1987)
- Kanon Bloch Carre & Co. (1989-1990)
- Merrill Lynch (1990-1991)
- Dean Witter Reynolds (1991-1993)
- Continental Capital Investment Services (1993-2003)
- Berthel, Fisher & Company (2003-2007)
- Calton & Associates (2007-2017)
The Allegations
- In January 2014, a customer alleged that Jimmy Makris breached his fiduciary duty, made material misrepresentations, and recommended unsuitable investments. This case was settled for $45,000 in damages.
- In December 2016, a customer alleged that Jimmy Makris made material misrepresentations, executed unauthorized trades, and recommended unsuitable investments. This case was settled for $47,610 in damages.
- In March 2017, a customer alleged that Jimmy Makris acted negligently. This case is currently pending. The customer is seeking an undisclosed amount in damages.
- In July 2018, a customer alleged that Jimmy Makris recommended unsuitable investments, breached contract, committed common law fraud, and breached his fiduciary duty. This case was settled for $37,712 in damages.
- In January 2019, a customer alleged that Jimmy Makris recommended unsuitable investments.
- In February 2019, another customer alleged that Jimmy Makris recommended unsuitable investments. This case is currently pending. The customer is seeking $250,271 in damages.
What Does This Mean?
Securities brokers have a legal and ethical obligation to always act in their customers’ best financial interests. This obligation is the broker’s duty as a fiduciary. Acting in an investor’s best interests means only recommending investments that they would actually be financially suited for. Brokers can determine this suitability by looking at important information provided to them by the investor. This includes the customer’s investment objectives, age, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these factors have placed their customers in great risk of incurring losses. Whether it was done intentionally or negligently, this act disqualifies securities brokers from being able to perform their duties to the standard required for someone in their position.
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 Jimmy Makris, 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.
