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

Kevin Canfield is a Pennsylvania based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with three different securities firms.

His Registrations

  • Metropolitan Life Insurance Company (1992-2007)
  • MSI Financial Services (1992-2017)
  • MML Investors Services (2017-Present)

The Allegations

  • In August 2005, customers alleged that Kevin Canfield recommended unsuitable investments, made material misrepresentations and omissions of fact, and executed unauthorized trades. This case was settled for $70,000 in damages.
  • In December 2005, a customer alleged that Kevin Canfield recommended unsuitable investments, made material misrepresentations and omissions of fact, charged them excessive commissions, managed their account negligently, made negligent misrepresentations, committed fraud, breached contract, breached his fiduciary duty, recommended unsuitable investments, and violated federal and state securities laws. This case was settled for $80,000 in damages.
  • In August 2011, customers alleged that Kevin Canfield purchased unsuitable securities and exposed their accounts to unnecessary risk while he was in control of their retirement accounts. This case was settled for $245,000 in damages.
  • In October 2012, customers alleged that Kevin Canfield recommended unsuitable products while he was in control of their retirement account. This case was settled for $27,500 in damages.
  • Also in January 2016, a customer alleged that Kevin Canfield committed fraud, made material misrepresentations, and violated the state securities act. This case was settled for $36,000 in damages.
  • In July 2018, a customer alleged that Kevin Canfield committed fraud and made material misrepresentations regarding the purchase of annuities. This case is currently pending. The customer is seeking $100,001 in damages.

What Does This Mean?

Misrepresentation occurs whenever a securities broker provides an investor with information that has been falsified in some respect. This can be detrimental to investors as it can lead to them making crucial financial decisions based on misinformation. Misrepresentation can occur either as a result of the broker’s intent to defraud the investor, or just by being incredibly negligent and unable to perform their duties to the required standard for their position.

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 Kevin Canfield, 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.