The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Cutshall. According to his publicly available FINRA BrokerCheck report, John Cutshall has been the subject of a FINRA sanction.
John Cutshall was a Maryland based securities broker. He worked in the securities industry for thirty-nine years. During his career, he was registered with five different securities firms.
- Baker, Watts & Co. (1979-1988)
- Ferris, Baker Watts (1988-2009)
- RBC Capital Markets (2009-2013)
- Morgan Stanley (2013-2014)
- Lombard Securities Incorporated (2014-2019)
John Cutshall was officially sanctioned by FINRA in August 2018. The findings in this matter state he abused his position as trustee for the trusts of some customers of his that had passed away. He allegedly used his position as trustee to write checks from the deceased customers’ accounts and deposited the funds into his personal account. He allegedly took a total of approximately $400,000 from the accounts of a deceased husband and wife’s residuary trusts. John Cutshall allegedly had a handwritten note from the husband naming him as beneficiary; however, he had never disclosed this status to his member firm and the authenticity of the note was suspect. Because the note was only signed by the husband, John Cutshall was forced to repay part of the withdrawn funds and have assets redistributed to him from just the husband’s estate. Due to the alleged actions, John Cutshall was terminated from his position at Lombard Securities and was barred by FINRA from acting as a securities broker in any fashion.
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 Cutshall, please contact Oakes & Fosher for a free and private consultation.