The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Cahill. According to his publicly available FINRA BrokerCheck report, John Cahill has been the subject of a customer dispute and a regulatory sanction.
John Cahill was a New Jersey based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Morgan Stanley DW (1984-2005)
- Citigroup Global Markets (2005-2009)
- Morgan Stanley (2009-2013)
- Janney Montgomery Scott (2013-2019)
The Allegations
- In March 2012, the executor of a customer’s estate alleged that John Cahill did not invest the customer’s account suitably. This case was settled for $42,100 in damages.
- In January 2020, John Cahill was officially sanctioned by FINRA. The findings in this matter state that Cahill failed to comply with an investigation into allegations that he converted funds from an elderly individual that he served as power of attorney for. Due to this alleged failure to comply, John Cahill was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.
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 John Cahill, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
