The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker John J. Maloney. According to his publicly available FINRA BrokerCheck report, John J. Maloney has been the subject of multiple customer disputes over the course of his career.

John J. Maloney is a Tennessee based securities broker. He has worked in the securities industry for thirty-seven years During his career, he has worked with just two securities firms.

His Registrations

  • Edward Jones (1981-2016)
  • Woodbury Financial Services (2016-Present)

The Allegations

  • In March 2002, a customer alleged that John J. Maloney misrepresented the shares of QXL to him which resulted in an approximate loss of $333,000.
  • In July 2002, a customer alleged that John J. Maloney began trading her account erratically. She alleged that he took part in constant unauthorized and unsuitable trading of her account as well as excessive use of margin. This case was settled for $150,000.
  • In May 2016, John J. Maloney was terminated from his position at Edward Jones. This was due to allegations that he did not follow the firm’s policy regarding suitability of investment recommendations.
  • In August 2016, a customer alleged that John J. Maloney made unsuitable recommendations to purchase individual equities that they were not suited for. This case was settled for $132,500.
  • In September 2017, a customer alleged that their investment in fire eye stock, that they purchased on John J. Maloney’s recommendation, was not suitable. This case was settled for $165,000 in damages.
  • In November 2017, a customer alleged that John J. Maloney misrepresented material details, recommended unsuitable investments, breached contract, breached his fiduciary duty, handled their account negligently, and churned their account. This case was settled for $300,000 in damages.

Unsuitable Investment Recommendations

One of the most prevalent charges levied against John J. Maloney was that he recommended unsuitable securities to his customers. Securities brokers have a duty to their customers to only recommend securities to them that are suitable. They are able to determine a customer’s suitability by analyzing factors like their previously stated investment objectives, liquidity needs, and financial situation. One aspect of a broker’s job is to conduct the necessary due diligence that is required to determine if a particular investment is suitable for a customer. Because of this, they are unable to excuse themselves by claiming they were unaware of a product’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 J. Maloney, please contact Oakes & Fosher for a free and private consultation. We handle our cases on a contingency basis, which means there are no fees charged unless we collect for you.