Louis Telerico Allegedly Makes Material Misrepresentations And Omissions

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

Louis Telerico was an Ohio based securities broker. He worked in the securities industry for forty-six years. During his long career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Merrill Lynch (1969-1971, 1973-2006)


• Blyth Eastman Dillon & Co. (1971-1973)


• Butler, Wick & Co. (2008-2009)


• Stifel, Nicolaus & Company (2009-2012)


• Westminster Financial Securities (2012-2016)

The Allegations

• In May 2001, a customer alleged that Louis Telerico did not invest accounts consistent with the recommendations contained in a financial foundation report prepared for the customer--thus the investments were unsuitable. This case was settled for $65,000.


• In November 2001, a customer alleged that Louis Telerico handled their account negligently, recommended unsuitable securities, churned their account, misrepresented material details, breached his fiduciary duty, and breached contract. This case went to arbitration where the customer was awarded $300,000 in damages.


• In May 2002, a customer alleged that Louis Telerico recommended unsuitable investments and excessively traded their account. This case was settled for $182,000.


• In May 2010, a customer alleged that Louis Telerico engaged in unauthorized trading, excessively traded their account, and recommended an unsuitable trading strategy. This case was settled for $85,000.


• In May of 2018, he was suspended by FINRA for a period of six months for allegedly failing to disclose material information.


• In August 2018, a claimant alleged that Louis Telerico breached contract surrounding a purported settlement agreement.


• In June 2019, a customer alleged that Louis Telerico recommended unsuitable securities, made material misrepresentations and omissions, and breached a purported settlement agreement. This case is currently pending. The customer is seeking $468,249 in damages.

What Does This Mean?

One of the most noteworthy allegations levied against Louis Telerico was that he made material misrepresentations and omissions about the securities he was recommending. Omission occurs when a securities broker negligently or fraudulently leaves pertinent information out when pitching an investment. Misrepresentation occurs when a securities broker negligently or fraudulently provides the investor with falsified information about a security. Regardless of the securities broker's intent, misrepresentation and omission can be detrimental to investors as it can cause them to purchase securities they would not have otherwise purchased had they known all the information about said security accurately.

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 Louis Telerico, 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.