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

Jonathan Ellefson is a Texas-based securities broker. He has worked in the securities industry for thirty-two years. During his career, he has been registered with just two different securities firms.

His Registrations

  • American Express Financial Advisors (1987-1991)
  • Intervest International Equities (1992-Present)

The Allegations

  • In May 2015, a customer alleged that Jonathan Ellefson misled her regarding current values of her alternative investments.
  • In February 2017, customers alleged that Jonathan Ellefson recommended unsuitable investments. This case was settled for $125,000 in damages.
  • In June 2019, a customer alleged that Jonathan Ellefson recommended improper products. This case is currently pending.

What Does This Mean?

Securities brokers have an obligation to their customers to only recommend products that they (the customers) would actually be financially suited for. Brokers can determine this suitability by looking at financial factors specific to every customer. These include the customer’s age, risk tolerance, liquidity needs, and financial situation. When a broker investors their customer in a manner contrary to these factors, it can cause the investor to experience significant financial harm. Brokers unable to to invest their clients in a suitable manner lack the skills necessary for their position.

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