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The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Kendall Groom. According to his publicly available FINRA BrokerCheck report, Kendall Groom has been the subject of a recent sanction from the United States Securities and Exchange Commission.

Kendall Groom was a California based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with three different securities firms.

His Registrations

  • H.D. Vest Investment Securities (1998-1999)
  • Cetera Financial Specialists (1999-2016)
  • Independent Financial Group (2016-2019)

The Allegations

Kendall Groom was sanctioned by the SEC in August 2019. The findings in this matter state that Kendall Groom served as the trustee for two related trusts with assets that totaled $6.6 million in assets for two of his customers. According to the findings, between January 2012 and January 2016 Kendall Groom misappropriated approximately $460,000 from these trusts to his own accounts. Due to his alleged actions, Kendall Groom was barred by the SEC from acting as a securities broker in any fashion.

What Does This Mean?

The relationship between investor and securities broker can only exist if there is trust. Investors would not be able to leave their money with someone else if they could not trust that they would take care of it. This trust only exists because securities brokers are bound by their fiduciary duty to always act in their customers’ best interests. Securities brokers who breach their duty as a fiduciary erode that trust because they make other investors think that it is possible that their money will be stolen.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. 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 Kendall Groom, 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.