The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Hoagland. According to his publicly available FINRA BrokerCheck report, John Hoagland has been the subject of multiple customer disputes.
John Hoagland was a Michigan based securities broker. He worked in the securities industry for forty-eight years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- First of Michigan Corporation (1970-1987)
- E.F. Hutton & Company (1987-1988)
- Lehman Brothers (1988-1993)
- Citigroup Global Markets (1993-2009)
- Morgan Stanley (2009-2018)
The Allegations
- In March 2010, a customer alleged that John Hoagland made material misrepresentations regarding private placement funds. This case was settled for $183,602 in damages.
- In February 2018, a customer alleged that John Hoagland executed unauthorized trades in their account. This case was settled for $17,044 in damages.
- In July 2018, a customer alleged that John Hoagland made unauthorized trades in her account. This case was settled for $27,543 in damages.
- In November 2019, John Hoagland was officially sanctioned by FINRA. The findings in this matter state that John Hoagland executed almost $100,000 of unauthorized trades in an elderly investor’s account. Hoagland also allegedly executed almost $35,000 in unauthorized trades in another customer’s account. Due to his alleged actions, Hoagland was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of three months.
What Does This Mean?
There is a common misconception among casual investors that hiring a securities broker means they have forfeited financial control over their account. This is most certainly not the case. Just because an investor has hired a securities broker to recommend investments, does not mean they have surrendered their right to ultimately decide what they are invested in. Securities brokers’ unauthorized trading can quite often lead to losses in customer accounts. More often than not, the trades that brokers circumvent the procedure required to obtain authorization for, are the investments they have no business recommending in the first place.
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 Hoagland, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
