The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Reilly. According to his publicly available FINRA BrokerCheck report, John Reilly has been the subject of a customer dispute.
John Reilly is a California based securities broker. He has worked in the securities industry for sixteen years. During his career, he has been registered with eight different securities firms.
- Integrated Resources Equity Corporation (1979-1982)
- Linsco Corporation (1983-1984)
- Sentra Securities Corporation (1984-1986)
- The Planner’s Securities Group (1986-1989)
- Prudential-Bache Securities Inc. (1989)
- Viewpoint Securities (2011-2012)
- Brookstone Securities (2012)
- Westpark Capital (2012-Present)
In November 2018, a customer alleged that John Reilly placed them in a highly unsuitable private placement and misrepresented what that private placement actually was. This case is presently pending. The customer is seeking $400,000 in damages.
What are Private Placements?
Private placements are alternative investments that do not trade on public securities exchanges. Because they are privately traded, they are incredibly difficult to regulate. This allows many less than scrupulous securities brokers to pitch them to unsuspecting investors as safe and lucrative investments. The truth is that private placements are incredibly speculative and illiquid investments that are highly unsuitable for investors. Many securities brokers ignore this fact because these securities provide them with excessively high commissions at the time the transaction is executed. This creates what should be a very obvious conflict of interest as it causes brokers to recommend these unsuitable investments at the expense of their customers.
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 Reilly, 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.