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

Lindsey Riley was a California based securities broker. She worked in the securities industry for twenty-seven years. During her career, she was registered with six different securities firms. She is no longer working as a registered securities broker in any fashion.

Her Registrations

  • The Stuart-James Company (1987-1988)
  • H.J. Meyers & Co. (1988-1998)
  • The Agean Group (1998-2000)
  • National Securities Corporation (2000)
  • Interfirst Capital Corporation (2000-2002)
  • First Allied Securities (2002-2015)

The Allegations

  • In April 2002, a customer alleged that Lindsey Riley handled their account negligently, engaged in reckless behavior, churned their account, breached the principals of good faith and fair dealing, breached her fiduciary duty, engaged in unauthorized trading, created margin debts, made material misrepresentations, omitted material facts, violated stated instructions, recommended unsuitable investments, and breached oral and written contract. This case was settled for $90,000 in damages.
  • In May 2002, a customer alleged that Lindsey Riley made material misrepresentations and breached her fiduciary duty.
  • In April 2005, a customer alleged that Lindsey Riley breached her fiduciary duty. This case was settled for $30,000 in damages.
  • In October 2017, customers alleged that Lindsey Riley charged them excessive commissions. This case was settled for $85,000 in damages.

What Does This Mean?

There are two ways that securities brokers are compensated for their services. One is by charging the customer a flat fee that is determined by the value of the account they are managing. The second method is by receiving a percentage of the investor’s principal investment when executing a trade on their behalf as their commission for brokering the trade. This latter method of compensation has led to some investors being harmed by brokers looking to take advantage. Some less than scrupulous securities brokers might often choose specific securities for their customers based on how large of a commission they will receive, without taking into account if the investment is actually suitable for the investor. Brokers can also trade their customers’ accounts in a highly excessive manner because each new transaction provides them with an additional commission. There are various ways that brokers like Lindsey Riley can fraudulently charge their customers more commissions than is fair.

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 Lindsey Riley, 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.