The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Leonard McAbee. According to his publicly available FINRA BrokerCheck report, Leonard McAbee has been the subject of multiple customer disputes.
Leonard McAbee was an Illinois based securities broker. He worked in the securities industry for a total of fifteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Hibbard Brown & Co. (1990-1994)
- L.C. Wegard & Co. (1994)
- Merrill Lynch (1995-1996)
- H.J. Meyers & Co. (1996-1997)
- Barron Chase Securities (1997-2000)
- National Securities Corporation (2011-2018)
The Allegations
- In August 1997, Leonard McAbee was discharged from his position at H.J. Meyers. This was due to allegations that he took part in unauthorized trading.
- In December 2011, a customer alleged that Leonard McAbee made material misrepresentations and executed unauthorized trades. This case was settled for $13,150 in damages.
- In August 2012, Leonard McAbee was sanctioned by the State of Indiana Office of the Secretary of State Securities Division. This followed allegations that he exercised discretion without the proper authorization.
- In August 2013, a customer alleged that Leonard McAbee committed fraud, breached his fiduciary duty, recommended unsuitable investments, churned their account, charged them excessive commissions, and breached contract. This case was settled for $77,000 in damages.
- In August 2015, a customer alleged that Leonard McAbee recommended unsuitable investments, breached his fiduciary duty, and made material misrepresentations and omissions. This case was settled for $17,500 in damages.
- In September 2018, a customer alleged that Leonard McAbee recommended unsuitable investments and made material misrepresentations and omissions. This case is currently pending. The customer is seeking $90,000 in damages.
- In December 2018, a customer alleged that Leonard McAbee executed unauthorized trades, breached his fiduciary duty, and handled their account negligently. This case is currently pending. The customer is seeking $530,000 in damages.
Unauthorized Trading
There is a common misconception among casual investors that hiring a securities broker equates to forfeiting control over their account. This is most certainly not the case. Securities brokers are always required to obtain their customer’s authorization before executing trades on their behalf. Brokers who circumvent this procedure often do so because they want to purchase something for their customer that they have no business recommending in the first place. This type of trading can often cause the account holder to incur significant losses.
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 Leonard McAbee, 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.
