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

Keith Simmons is a Florida-based securities broker who has worked in the securities industry for thirty-nine years. During his career, he has been registered with only one firm.

His Registrations 

  • Merrill Lynch, Pierce, Fenner & Smith (1983-Present)

The Allegations 

  • In December 2009, a customer alleged that Keith Simmons made material misrepresentations regarding the liquidity and risk of auction rate securities in June 2008. This case was settled for $300,000 in damages.
  • In May 2020, a customer alleged that Simmons made unsuitable investment recommendations. This case is currently pending, and the customer is seeking $8,000,000 in damages.

What Does This Mean?

Misrepresentation is a very serious charge. Essentially, it occurs when a securities broker provides their customer with information that has been falsified in some way. This can be either by accident, through the broker’s own negligence, or on purpose, through the broker’s fraudulent intent. Regardless of the broker’s intent, misrepresentation can cause serious financial harm to investors as it can lead to them making crucial financial decisions based on misinformation. For instance, if an investor is falsely told that 8 percent income distributions are “guaranteed” then it could lead to them purchasing a high-risk security that is highly unsuitable given their investment objectives, financial situation, or risk tolerance.

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 due to this fraud or negligence 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 Keith Simmons, 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.