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

John Riccardi was a New York-based securities broker. He worked in the securities industry for twelve 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

  • Joseph Stevens & Company (2004)
  • J.P. Turner & Company (2005)
  • Salomon Grey Financial Corporation (2005)
  • Windsor Street Capital (2006-2018)
  • Joseph Stone Capital (2018)

The Allegations

  • In October 2008, a customer alleged they experienced losses due to John Riccardi’s unsuitable investment recommendations.
  • In June 2012, a customer alleged that Riccardi charged them excessive commissions.
  • In March 2017, a customer alleged that Riccardi committed fraud, made negligent misrepresentations, breached his fiduciary duty, breached the covenants of good faith and fair dealing, breached conduct, violated FINRA rules, and violated the Securities Exchange Act of 1934. This case went to arbitration where the customer was awarded an undisclosed amount in damages.

What Does This Mean?

Misrepresentation is a very serious charge, as it can often result in very serious financial harm to an investor. Essentially, misrepresentation occurs when a securities broker provides an investor with information that has been falsified or obscured in some manner. This can be either on purpose, in an attempt to defraud the investor, or by accident through the broker’s negligence. Regardless of the broker’s intent, misrepresentation can cause significant losses in an investor’s account as it can lead to them making crucial financial decisions based on misinformation.

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 Riccardi, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on contingency basis, which means there are no fees charged unless we collect for you.