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

Jonathan Lonske is a Massachusetts based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with five different securities firms.

His Registrations

  • Gruntal & Co. (1996)
  • Merrill Lynch (1996-1999)
  • UBS Painewebber (1999-2001)
  • Morgan Stanley (2001-2008, 2009-Present)
  • Citigroup Global Markets (2008-2009)

The Allegations

  • In April 2001, a customer alleged that Jonathan Lonske recommended investments that were not suitable for their retirement portfolio. They also alleged that Lonske misrepresented information about one of their investments. This case was settled for $2,500 in damages.
  • In September 2011, a customer alleged that Jonathan Lonske misrepresented a mutual fund in August 2011. This case was settled for $50,000 in damages.
  • In January 2016, a customer alleged that Jonathan Lonske misrepresented structured notes. This case was settled for $36,158 in damages.
  • In October 2017, customers alleged that Jonathan Lonske recommended unsuitable investments between 2008 and 2017. This case is currently pending. The customer is seeking an undisclosed amount in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always act in their best financial interests. The main aspect of this is only recommending securities that are suitable. Brokers can determine suitability by looking at a series of factors that include investment objectives, age, financial situation, annual income, liquidity needs, and more. Brokers are expected to conduct the necessary due diligence that is required to determine suitability by looking at these factors. Because of this, they are unable to excuse themselves by claiming they were unaware of an investment’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 Jonathan Lonske, please contact Oakes & Fosher for a free and private consultation.