The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Lawrence Delhagen. According to his publicly available FINRA BrokerCheck report, Lawrence Delhagen has been the subject of multiple customer disputes over the course of his career.
Lawrence Delhagen is presently operating as a Pennsylvania based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with four different securities firms.
His Registrations
- WMA Securities (1996)
- Gruntal & Co. (1996-2002)
- Ryan & Beck & Co. (2002-2007)
- Stifel, Nicolaus & Company (2007-Present)
The Allegations
- In December 2014, a customer alleged that Lawrence Delhagen recommended unsuitable securities, breached the implied covenant of good faith and fair dealing, and breached his fiduciary duty. This case was settled for $22,500 in damages.
- In June 2018, customers alleged that Lawrence Delhagen recommended unsuitable securities, churned their account, handled their account negligently, engaged in fraud, made material misrepresentations, breached his fiduciary duty, and violated state and federal securities laws. This case was settled for $270,000 in damages.
- In September 2018, customers alleged that Lawrence Delhagen recommended unsuitable securities, handled their account negligently, engaged in fraud, made material misrepresentations, breached his fiduciary duty, and violated state and federal securities laws. This case is currently pending. The customer is seeking an undisclosed amount in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their best financial interests. This obligation is also referred to as a fiduciary duty. The relationship between broker and investor can only exist if there is trust. Investors would not be able to leave their money with someone else if they could not trust that it would be taken care. The reason investors are able to trust brokers to take care of their money is because they know brokers are bound by this fiduciary duty. Securities brokers who breach their fiduciary duty work toward eroding the trust between investors and securities brokers.
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 Lawrence Delhagen, 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.
