The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Logan Phillips. According to his publicly available FINRA BrokerCheck report, Logan Phillips has been the subject of
Logan Phillips was a Mississippi based securities broker. He worked in the securities industry for forty-one years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Scharff & Jones (1974-1990)
- Morgan Keegan & Company (1990-2012)
- Raymond James & Associates (2013-2016)
The Allegations
- In February 2010, a customer alleged that Logan Phillips made material misrepresentations and recommended unsuitable investments. This case was settled for $12,075 in damages.
- In July 2010, a customer alleged that Logan Phillips made material misrepresentations and recommended highly unsuitable mutual fund. This case was settled for $64,780 in damages
- In June 2012, a customer alleged that Logan Phillips recommended unsuitable mutual funds. This case was settled for $24,300 in damages.
- In June 2014, a customer alleged that Logan Phillips committed fraud, breached his fiduciary duty, breached contract, managed their account negligently, and violated industry rules. This case went to arbitration where the customer was awarded an undisclosed amount in damages.
- In June 2017, customers alleged that Logan Phillips committed fraud, recommended unsuitable investments, breached contract, managed their account negligently, and violated SEC and FINRA rules. This case went to arbitration where the customer was awarded just shy of $1.8 million in damages.
- In November 2017, customers alleged that Logan Phillips made false representations, made negligent misrepresentations, managed their account negligently, committed fraud, breached contract, and violated the Mississippi Securities Act. This case is currently pending. The customers are seeking an undisclosed amount in damages.
What Does This Mean?
Securities brokers are a brand of financial advisor known as fiduciaries. As fiduciaries, securities brokers have a legal obligation to always act in their customers’ best financial interests. This obligation is also referred to as a their fiduciary duty. The most important aspect of this duty is making sure the investments they recommend to their customers are actually suitable for them. Securities brokers can determine a customer’s suitability by looking at important information provided to them by their customers. This includes the customer’s age, financial situation, liquidity needs, risk tolerance, and investment objectives. Brokers who invest their customers contrary to these stated factors, whether negligently or fraudulently, have breached their fiduciary duty.
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 Logan Phillips, 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.
