The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Kyle Davis. According to his publicly available FINRA BrokerCheck report, Kyle Davis has been the subject of multiple customer disputes over the course of his career.
Kyle Davis is a Georgia based securities broker. He has worked in the securities industry for twenty-two years. During his career, he has been registered with five different securities firms.
His Registrations
- VTR Capital (1998)
- Morgan Stanley DW (1998-2007)
- Morgan Keegan & Company (2007-2013)
- Raymond James & Associates (2013-2019)
- Ameriprise Financial Services (2019-Present)
The Allegations
- In December 2005, a customer alleged that Kyle Davis executed unauthorized trades. This case was settled for $11,386 in damages.
- In April 2007, a customer alleged that Kyle Davis failed to properly group their accounts to achieve appropriate breakpoints in pricing. This case was settled for $11,868 in damages.
- In March 2008, a customer alleged that Kyle Davis failed to represent that an investment in auction rate securities was illiquid.
- In December 2019, a customer alleged that Kyle Davis breached his fiduciary duty, handled their account negligently, committed fraud, breached contract, and violated the Securities Exchange Act. This case is currently pending. The customer is seeking $500,000 in damages.
What Does This Mean?
Securities brokers are a brand of money manager known as fiduciaries. These individuals have a duty to their customers to do everything in their power to act in the customer’s best financial interests. Brokers who either fraudulently choose investments that benefit themselves at the expense of their customers, or ones who negligently fail to conduct the necessary due diligence required to invest their customer suitably have violated their duty as a fiduciary. This duty is crucial to the existence of the broker/investor relationship. Investors could never trust their hard earned money with a separate individual if they could not trust it to be taken care of. The main reason this trust even exists is because investors are assured that brokers are bound by their duty to always act in their (the customers) best financial interests. Brokers who breach this duty work toward eroding the trust between brokers and investors.
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 Kyle Davis, 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.
