The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Joseph Andreoli. According to his publicly available FINRA BrokerCheck report, Joseph Andreoli has been the subject of multiple customer disputes over the course of his career.
Joseph Andreoli is a New Jersey based securities broker. He worked in the securities industry for thirty-one years. During his career, he was registered with six different securities firms.
His Registrations
- HYM Financial (1987-1988)
- J.B. Hanauer & Co. (1988-1996)
- Smith Barney Inc. (1996)
- Citigroup Global Markets (1996-2009)
- Wells Fargo (2009-2019)
- Raymond James & Associates (2019-Present)
The Allegations
- In July 2000, a customer alleged that Joseph Andreoli recommended unsuitable securities, handled their account negligently, breached contract, breached his fiduciary duty, engaged in fraud, and violated industry rules. This case went to arbitration where the customer was awarded $56,555 in damages.
- In March 2010, a customer alleged that Joseph Andreoli recommended unsuitable investments. This case was settled for $175,000 in damages.
- In August 2019, another customer alleged that Joseph Andreoli recommended unsuitable securities. This case is currently pending. The customer is seeking an undisclosed amount in damages.
Unsuitable Trading
Securities brokers have an obligation to their customers to only recommend securities that they are financially suited for. Most investors lack the investment knowledge and experience to invest suitably for themselves. That is why most of them rely on securities brokers to recommend securities to them that are actually suitable. One of the most important aspects of a broker’s job is determining investment suitability by looking at factors like the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. They cannot 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 Joseph Andreoli, please contact Oakes & Fosher for a free and private consultation.
