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

Joe Pazmino is a New York-based securities broker. He has worked in the securities industry for twenty years. During his career, he has been registered with five different securities firms.

His Registrations

  • Ladenburg Capital Management (2000-2002)
  • Ladenburg Thalmann & Co. (2002-2008)
  • Gunnallen Financial, Inc. (2008-2010)
  • Aegis Capital Corp. (2010-2019)
  • Joseph Gunnar & Co. (2019-Present)

The Allegations

  • In December 2013, a customer alleged that Joe Pazmino churned their account, executed unsuitable margin trades, and made poor investment recommendations. This case was settled for $390,000 in damages.
  • In February 2016, a customer alleged that Joe Pazmino recommended unsuitable investments and excessively traded their account. This case was settled for $980,000 in damages.

What Does This Mean?

Excessive trading can be incredibly harmful to investors. This is because investors are charged additional fees every time transactions are executed. These fees can rack up and drastically lower investor principals beyond the point of seeing desired returns. The main motivation behind this type of trading is the broker’s desire to receive more commissions. Brokers are compensated for their services by charging their customers a percentage of their principal investment whenever executing a trade on their behalf. When a securities broker excessively trades an investor’s account with the express intent of increasing their own commissions, it is referred to as churning.

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 Joe Pazmino, 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.