The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Levert Caldwell. According to his publicly available FINRA BrokerCheck report, Levert Caldwell has been the subject of multiple customer disputes.

Levert Caldwell is presently operating as a New York based securities broker. He has worked in the securities industry for fifteen years. During his career, he has been registered with nine different securities firms.

His Registrations

  • TD Waterhouse Investor Services (2001-2003)
  • First Montauk Securities (2003-2004)
  • LH Ross & Company (2004)
  • Morgan Stanley DW (2005)
  • Newbridge Securities Corporation (2007-2010)
  • Brookstone Securities (2010-2012)
  • National Securities Corporation (2012-2015)
  • First Standard Financial Company (2015-2019)
  • Paulson Investment Company (2019-Present)

The Allegations

  • In December 2014, a customer alleged that Levert Caldwell recommended unsuitable investments and breached his fiduciary duty. This case was settled for $325,000 in damages.
  • In January 2015, a customer alleged that Levert Caldwell recommended unsuitable investments. This case was settled for $250,000 in damages.
  • In September 2016, a customer alleged that Levert Caldwell churned their account, recommended unsuitable securities, and breached his fiduciary duty. This case was settled for $122,000 in damages.
  • In June 2019, a customer alleged that Levert Caldwell executed unauthorized trades, excessively traded their account, and recommended unsuitable investments. This case is presently pending. The customer is seeking $461,000 in damages.

What Does This Mean?

One of the most notable allegations levied against Levert Caldwell was that he recommended unsuitable securities. Most investors rely heavily on their securities broker to recommend securities that are suitable for them based on factors like risk tolerance, investment objectives, age, liquidity needs, and financial situation. This is because investors usually lack the experience and knowledge necessary to invest suitably on their own behalf. One of the most important aspects of a brokers job is having the ability to determine suitability based on the above mentioned factors. Because of this brokers like Levert Caldwell either know, or should know, if a particular investment is suitable for a particular investor.

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 Levert Caldwell, please contact Oakes & Fosher for a free and private consultation.