The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Mark Hopkins. According to his publicly available FINRA BrokerCheck report, Mark Hopkins has been the subject of multiple customer disputes.
Mark Hopkins was a Michigan based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- IDS Life Insurance Company (1995-1997)
- American Express Financial Advisors (1995-1997)
- LPL Financial Corporation (1997-2009)
- American Portfolios Financial Services (2009-2018)
The Allegations
- In August 2008, a customer alleged that Hopkins sold them an unsuitable REIT.
- In March 2019, a customer alleged that Mark Hopkins solicited funds from them for an investment away from his member firm under the guise of a loan. Hopkins allegedly used an altered check to misrepresent his ability to repay the loan. This case is currently pending. The customer is seeking $400,000 in damages. He resigned from his position at American Portfolios Financial Services amidst the allegations.
- In May 2019, Mark Hopkins was officially sanctioned by FINRA due to the above mentioned allegations. During this investigation, Mark Hopkins allegedly failed to comply with a request for documents. Due to this alleged failure, he was barred by FINRA from acting as a securities broker in any fashion.
- In July 2019, a customer alleged that Mark Hopkins solicited $500,000 from them for an outside investment. However, Mark Hopkins allegedly converted the funds for his own personal use. This case is currently pending. The customer is seeking $500,000 in damages.
What Does This Mean?
Investors need to be weary of securities brokers like Mark Hopkins. Less than scrupulous securities brokers like him are often skilled at deceiving investors in various different methods. This often includes tricking these investors into believing their funds are going to be invested, when in reality, the broker has simply converted the funds for their own personal use. Brokers like this often utilize alternative types of investments outside their member firm’s scope for these conversion schemes. This is because these types of investments are very poorly regulated by securities firms. Converting a customer’s funds is one of the most blatant and fraudulent acts a broker can ever commit and it works toward eroding the trust investors have in their securities brokers.
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 Hopkins, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees unless we collect for you.
