The law firm of Oakes & Fosher is currently investigating the possible negligence and/or misconduct of securities broker Mark Augusta. His publicly available FINRA BrokerCheck report shows that Mark Augusta has received multiple customer complaints over the course of his career.

Mark Augusta is presently working as a California based securities broker. He has worked in the securities industry for thirty-three years. During his career, he has been registered with six different securities firms.

His Registrations

  • Baraban Securities (1986)
  • Miller & Schroeder Financial (1986-2000)
  • Piper Jaffray & Co. (2000-2006)
  • Stone & Youngberg (2006-2011)
  • Wedbush Securities (2011-2015)
  • Hilltop Securities (2015-Present)

The Allegations

  • In June 2000, a customer alleged that Mark August recommended high yield municipal and corporate bonds that were unsuitable based on their age, tax bracket, risk tolerance, and investment objectives. This case went to arbitration where the customer was awarded $833,125 in damages.
  • In August 2000, a customer alleged negligence, unsuitability, misrepresentation, and breach of fiduciary duty regarding the recommendation of Heritage Health Care bonds.
  • In May 2015, an attorney, on behalf of a customer, alleged that the investments the customer was placed in were unsuitable based on their age and previously stated investment objectives. The attorney further alleged constructive fraud, common law fraud, fraud by material misrepresentations/omissions, unjust enrichment, and financial elder abuse. This case went to arbitration where the customer was awarded approximately $1.8 million in damages.
  • In July 2018, customers alleged that Mark Augusta made unsuitable investment recommendations and financially abused an elderly individual. This case is currently pending. The customer is seeking $375,000 in damages.
  • In August 2018, a customer alleged that Mark Augusta recommended unsuitable investments, breached his fiduciary duty, made material misrepresentations/omissions, and violated California securities laws. This case is currently pending. The customer is seeking approximately $100,000 in damages.
  • In February 2019, a customer alleged that Mark Augusta executed unauthorized trades and recommended unsuitable investment recommendations. This case is currently pending. The customer is seeking approximately $400,000 in damages.

What Does This Mean?

One of the most common allegations levied against Mark Augusta in his long list of complaints was financial elder abuse. Elderly investors can often find themselves at the mercy of securities brokers looking to exploit them for their own financial gain. These investors have spent their entire lives saving up a large sum of money and believe they are entrusting it to an individual that is going to act in their best interests. Many less than scrupulous securities brokers believe that they can get away with exploiting these individuals by recommending securities that are unsuitable based on their previously stated investment objectives, financial situation, and liquidity needs.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to investor negligence or misconduct. Oakes & Fosher dedicates its entire legal practice to helping investors who have lost money in this fashion across the country. If you, or someone you know, have lost money investing with Mark August, 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.