The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct of securities broker Kevin Butler. According to his publicly available FINRA BrokerCheck report, Kevin Butler was the subject of multiple customer complaints filed throughout his career.

Kevin Butler is a California based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with four different securities firms.

His Registrations

  • Dean Witter Reynolds (1998-2000)
  • Prudential Securities Incorporated (2000-2003)
  • Wells Fargo Advisors (2003-2010)
  • Morgan Stanley (2010-Present).

The Allegations

  • In June 2009, a customer filed a claim listing allegations that included; fraud, misrepresentation, omission of material fact, negligence, breach of fiduciary duty, unsuitability, and breach of contract. This case was settled for $220,000 in damages.
  • In September 2015, a customer alleged  that Kevin Butler recommended unsuitable securities. The alleged transgressions taking place between January 2010 and August 2015. This case was settled for $21,000 in damages.
  • In February 2016, an attorney, on behalf of a customer, alleged that Kevin Butler recommended unsuitable securities. The alleged transgressions taking place between March 2014 and January 2016. This case was settled for $70,000 in damages.
  • In October 2016, more customers alleged unsuitability with respect to investments. This case was settled for $90,000 in damages.
  • In May 2017, customers alleged unsuitability concerning corporate bond investments. The alleged transgressions taking place between 2012 and 2016. This case is currently pending. The customer is seeking $395,579 in damages.

What Does This Mean?

Securities brokers have a legal obligation to act in the best interests of their customers. Part of this means only recommending securities to customers for which they are suited for. This suitability is determined through factors such as the customer’s investment objectives, risk tolerance, financial situation, and liquidity needs. Despite this, many brokers, like Kevin Butler, continue to recommend highly unsuitable securities to their customers. Investors who have lost money due to their securities broker’s unsuitable investment recommendations may be entitled to damages.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud or neglignece. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this manner. If you, or someone you know, have lost money investing with Kevin Butler, please contact Oakes & Fosher for a free and private consultation.