The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker John Kevin Egan. According to his publicly available FINRA BrokerCheck report, John Egan has been the subject of multiple customer disputes over the course of his career.
John Egan is a California-based securities broker. He had worked in the securities industry for twenty eight years. During his career, he had been registered with two different securities firms. He is longer working as a securities broker in any fashion.
- Baraban Securities (1992-1996)
- Western International Securities (1996-2021)
The Allegations
- In July 2022, a customer alleged that John Egan had recommended unsuitable investments. This case was settled for $50,678 in damages.
- In August 2022, a customer alleged that Egan had recommended unsuitable investments. This case was settled for $13,166 in damages.
- In November 2022, a customer alleged that Egan had recommended unsuitable investments, as well as made misrepresentations and omissions of material fact regarding investments. This case is currently pending, and the customer is seeking $50,000 in damages.
- In February 2023, a customer alleged that Egan had managed their investments negligently and misrepresented material facts regarding investments. This case is currently pending, and the customer is seeking $5000 in damages.
- In July 2023, a customer alleged that Egan had recommended unsuitable investments and breached his fiduciary duty. This case is currently pending, and the customer is seeking $127,500 in damages.
Unsuitable Investments
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like John Egan can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
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 Egan, 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.
