The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker John Cione. According to his publicly available FINRA BrokerCheck report, John Cione has been the subject of a customer dispute.
John Cione was a California based securities broker. He worked in the securities industry for thirty-one 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
- Yaeger Securities (1987-1988)
- Aimco Securities Company (1987-1992)
- Foresters Equity Services (1990-1995)
- Lam Wagner (1993-1994)
- Spelman & Co. (1995-1997)
- Sentra Securities Corporation (1994-2003)
- Independent Financial Group (2003-2019)
The Allegations
In July 2018, a customer alleged that John Cione made unsuitable investment recommendations which resulted in both losses and lost opportunity. This case is currently pending. The customer is seeking $671,490 in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. The main part of this is investing suitably on their behalf. Securities brokers are able to determine an investor’s suitability by looking at their investment objectives, risk tolerance, and financial situation. If an investment does not align with these factors, then it is not suitable for that customer. Securities brokers like John Cione cannot excuse themselves by claiming they were unaware of an investment’s unsuitability.
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 Cione, 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.
