Oakes & Fosher is currently investigating the possible negligence and/or misconduct by securities broker Lawrence Ira Goldstein. According to his publicly available FINRA BrokerCheck report, Lawrence Ira Goldstein has received multiple customer complaints over the course of his career.
Lawrence Ira Goldstein is presently working as a California based securities broker. He has worked in the securities industry for twenty years. During his career, he has been registered with four different securities firms.
- Painewebber Incorporated (1999-2001)
- CIBC Wold Markets Corp. (2001-2003)
- Oppenheimer & Co. (2003-2019)
- Cetera Advisor Networks (2019-Present)
- In June 2002, a customer alleged Lawrence Ira Goldstein executed unauthorized trades and recommended unsuitable investments. This case was settled for $40,000 in damages.
- In March 2007, a customer alleged that she did not authorize the trades made in her account. She also alleged that the investments were unsuitable. This case was settled for $19,500 in damages.
- In November 2008, a customer alleged that Lawrence Ira Goldstein recommended unsuitable investments, breached his fiduciary duty, made material misrepresentations, and handled their accounts negligently. This case was settled for $30,000 in damages.
- In January 2011, Lawrence Ira Goldstein was officially sanctioned by FINRA. The findings in this matter state that Goldstein recommended securities to a customer that were highly unsuitable given the customer’s financial situation, tax status, previously stated investment objectives, and other information available to him that could help him easily determine whether or not the investments were suitable for the customer. Due to these alleged actions, Lawrence Ira Goldstein was fined $6,623 and suspended from acting as a securities broker in any fashion for a period of ten business days.
- In June 2016, a customer alleged that Lawrence Ira Goldstein made unsuitable investments in his account.
What Does This Mean?
Securities brokers like Lawrence Ira Goldstein are a brand of financial advisor known as fiduciaries. These fiduciaries have a legal obligation to only make decisions in the best financial interests of their customers. This obligation is known as their fiduciary duty. The main aspect of this duty is making sure they only recommend securities to their customers that they would be financially suited for. They can easily determine suitability based on the customers’ previously stated investment objectives, financial situation, liquidity needs, tax status, and more. Sometimes, less than scrupulous securities brokers ignore these factors and place individuals into investments financially beneficial to the broker but cause the customer to incur losses.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence or misconduct. 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 who have lost money in that fashion all across the nation. If you, or someone you know, have lost money investing with Lawrence Ira Goldstein, 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.