The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Mamode Oozeerally. He also goes by the name Sony Oozeerally. According to his publicly available FINRA BrokerCheck report, Mamode Oozeerally has been the subject of a customer complaint in his career.
Mamode Oozeerally is a New Jersey-based securities broker. He has worked in the securities industry for nineteen years. He has spent his entire career registered with just Hennion & Walsh, Inc.
The Allegations
In August 2018, a customer alleged that Mamode Oozeerally made material misrepresentations and omissions, recommended unsuitable investments, churned their account, and executed unsuitable trades. This case was settled for $50,000 in damages.
Churning
Churning is a deceptive trading practice instituted by securities brokers like Mamode Oozeerally. It centers around the securities broker trading a customer’s account excessively even if it has no financial benefit to the investor. The reason they do it then is because it generates additional commissions for each trade they execute. Despite its fraudulent nature, many securities brokers continue to engage in this practice.
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 Mamode Oozeerally, 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.
