Oakes & Fosher is currently investigating the possible negligence and/or misconduct of securities broker Leon Rehak. According to his publicly available FINRA BrokerCheck report, Leon Rehak has been the subject of multiple customer complaints over the course of his career.

Leon Rehak is presently working as a Florida based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with seven different securities firms.

His Registrations

  • Lehman Brothers, Inc. (1993)
  • Smith Barney (1993-1994)
  • Prudential Securities (1994-1996)
  • Tucker Anthony Incorporated (1996-2000)
  • Wachovia Securities (2000-2004)
  • Raymond James (2004-2016)
  • LPL Financial (2016-Present)

The Allegations

  • In November 2016, a customer alleged that Leon Rehak traded their account excessively. The customer also alleged fraud, churning, unauthorized trading, breach of fiduciary duty, unsuitability, breach of contract, negligence, unjust enrichment, and deceptive practices. This case was settled for $75,000 in damages.
  • In October 2017, a customer alleged that Leon Rehak perpetrated common law fraud, engaged in negligent misrepresentation, breached his fiduciary duty, handled their account negligently, recommended unsuitable securities, and traded their account excessively. The alleged transgressions taking place between May 2011 and September 2017. This case was settled for $185,000 in damages.

What Does This Mean?

Securities brokers have a legal obligation to act in the best interests of their customers. A broker engaging in fraudulent behavior does so to serve their own self interests as opposed to their customer’s. While there are many deceptive practices in the securities industry that constitute as fraud, all that is necessary for a practice to be defined as fraud, is for the securities broker to purposefully deceive the customer in any fashion. Investors who believe that they have lost money due to securities fraud 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 negligence or fraud. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion. If you, or someone you know, have lost money investing with Leon Rehak, please contact Oakes & Fosher for a free and private consultation.