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The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Kevin Looser. According to his publicly available FINRA BrokerCheck report, Kevin Looser has been sanctioned by FINRA.

Kevin Looser operated most recently as an Ohio based securities broker. He worked in the securities industry for twenty-six years. During his career, he has worked with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • IDS Life Insurance Company (1991-1993)
  • American Express Financial Advisors (1991-1993)
  • Society Investments, Inc. (1993-1995)
  • Key Investments, Inc. (1995)
  • Continental Capital Investment Services (1995-2003)
  • Berthel, Fisher & Company Financial Services (2003-2005)
  • Sigma Financial Corporation (2005-2017)

The Allegations

Kevin Looser was sanctioned by FINRA in June 2018. The findings in this matter state that he took part in fourteen private securities transactions without providing written notice to, or getting approval from, Sigma Financial.

Looser disclosed that he was the co-owner of a company that was developing video platforms to connect on-call interpreters with deaf individuals. Sigma Financial approved this venture; however, Looser allegedly did not disclose the fact that he was soliciting funds from Sigma Financial customers to raise capital for the business.

Kevin Looser raised approximately $430,000 for his company by convincing thirteen Sigma Financial customers to invest. He allegedly did this by acting as the customer’s broker like it was business as usual. He allegedly recommended the business to his customers, who then would meet with the co-owner of Looser’s business to invest in it. These alleged actions were in violation of FINRA Rule 3270.

For his alleged actions, Kevin Looser was discharged from his position at Sigma Financial. He was also fined $10,000 and suspended by FINRA from acting as a securities broker in any fashion for a period of four months.

What Does This Mean?

Securities brokers need to disclose all outside business ventures, and how they are involved in said ventures, to their member firms. While Kevin Looser disclosed his involvement in this outside venture to his firm, he allegedly failed to disclose the fact that he was going to solicit member firm customers to invest in it. Securities firms have procedures in place that are supposed to prevent unethical conflicts of interests like this from occurring. The fact that Sigma Financial missed what Kevin Looser was allegedly doing means they can be held liable for damages that these investors may have incurred.

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 Looser, 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.