Mark Flanagan Allegedly Engages In An Unauthorized And Inappropriate Use Of Margin

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of Mark Flanagan. According to his publicly available FINRA BrokerCheck report, Mark Flanagan has been the subject of multiple customer disputes.

Mark Flanagan was an Illinois based securities broker. He worked in the securities industry for thirteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Oppenheimer & Co. (1989-1990)


• TCF Securites (2002-2003)


• Unvest Financial Services (2005-2006)


• Fifth Third Securities (2006-2011)


• Wells Fargo Advisors (2011-2014)


• Citigroup Global Markets (2014-2017)

The Allegations

• In January 2014, customers alleged that Mark Flanagan placed them in investments that conflicted with their investment objectives. They also alleged that Flanagan engaged in unauthorized trading and in a inappropriate use of margin. This case was settled for $101,868 in damages.


• In January 2017, an attorney, on behalf of a customer, alleged that Mark Flanagan falsified the customer's investment experience on new account forms, took money from margin and sent it to the client as "income," and mismarked solicited trades as unsolicited. The attorney also alleged that all of the investments were unsuitable. This case was settled for $418,972 in damages.


• In March 2017, Mark Flanagan's career came to an end when he was discharged from Citigroup Global Markets. This termination followed allegations that he used a personal email address to communicate with a client.


• In July 2017, a customer alleged that Mark Flanagan engaged in unauthorized trading, engaged in an unauthorized use of margin, made unsuitable investment recommendations, and excessively traded their account. This case was settled for $52,500 in damages.

He was eventually barred by FINRA from acting as a securities broker in any fashion.

What is Margin Trading?

Trading on margin can be highly risky for investors. Margin trading is when investors purchase investments on borrowed funds. The funds are to be paid back when the security is sold, or over the life of the investment. The reason this practice presents such a substantial risk is because the investor is on the hook for repaying the full amount they borrowed, despite what the value of the investment they purchased may have dropped to. This is a complicated process which means that many investors don't fully understand what they are agreeing to when securities brokers present it to them as an option. Some securities brokers will engage in this practice without obtaining their customer's authorization because they believe the investment will perform well and the investor will be none the wiser. This can often result in serious financial harm to the investor.

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 Mark Flanagan, 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.