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

Joseph Likens was a Missouri based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Edward Jones (1998-2001)
  • Prudential Securities (2001-2003)
  • Wachovia Securities (2003-2005)
  • Morgan Stanley (2005-2009)
  • Merrill Lynch (2009-2015)
  • LPL Financial (2015)

The Allegations

Between 2016 and 2017, Joseph Likens was the subject of thirteen customer disputes. All of these complaints came from customers alleging he engaged in selling away. These complaints were settled for a total of $1,278,336 in damages. Joseph Likens was terminated from his position at LPL Financial in May 2015 when the allegations first came to light.

What Does This Mean?

The term selling away refers to the act of trading private securities outside of their member firm’s scope. These types of securities are often very poorly regulated and highly unsuitable for investors. Securities firms have a very difficult time determining a private investment might be suitable for one of their customers. Because of this, they require their registered brokers to disclose any private investments they wish to recommend. This gives firms the opportunity to determine if the investment would be harmful to investors. Less than scrupulous securities brokers will often circumvent this procedure as they know the private investments they wish to recommend would not be approved by their member firm.

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 Likens, 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.