Oakes & Fosher is currently investigating the possible misconduct of former securities broker Larry Crabtree. According to his publicly available FINRA BrokerCheck report, Larry Crabtree has been the subject of multiple customer complaints.
Larry Crabtree operated most recently as an Oklahoma based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Robert Thomas Securities (1994-1995)
- Merrill Lynch (1995-1996)
- Capital West Securities (1996-2008)
- WFG Investment (2008-2014)
- Wilbanks Securities (2014-2017)
The Allegations
- In August 2010, a customer alleged that they were being charged unnecessary commissions. This case was settled for $16,000 in damages.
- In September 2013, a customer alleged that Larry Crabtree was recommending that she invest her retirement savings in unsuitable securities. This case was settled for $70,000 in damages.
- In December 2015, Larry Crabtree was officially sanctioned by FINRA. The findings in this matter state that he inflated a customer’s net worth on account documents in order to justify investing them in securities they were not suited for. These alleged investments resulted in substantial losses. Due to these alleged actions, he was suspended from acting as a securities broker in any fashion for a period of six months.
- In June 2019, he was barred from acting as a securities broker in any fashion by FINRA after allegedly failing to comply with their investigation into him converting customer funds.
What Does This Mean?
Securities brokers are only supposed to recommend securities to customers that are suitable for them. This suitability is determined by the customer’s investment objectives, risk tolerance, liquidity needs, and financial situation. Securities firms are supposed to have adequate supervisory procedures in place that monitor registered brokers to prevent them from executing trades they are not supposed to. Some securities brokers attempt to circumvent this supervision by creating falsified documentation. Investors who believe that they lost money due to their securities broker falsifying financial information 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 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 Larry Crabtree, 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.
