Most investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or misconduct. Investors who believe they have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is currently interested in hearing from investors who believe this might be them.

Oakes & Fosher is currently investigating the possible negligence and/or misconduct of securities broker Mark Kolta. According to his publicly available FINRA BrokerCheck report, Mark Kolta has been the subject of multiple customer disputes over the course of his career.

Mark Kolta is currently working as a New York based securities broker. He has worked in the securities industry for eleven years. During his career, he has been registered with six different securities firms.

His Registrations

  • Merrill Lynch (2008)
  • Chase Investment Services (2008-2011)
  • Cetera Advisors (2011-2013)
  • National Securities Corporation (2013-2017)
  • Aegis Capital Corp. (2017-2018)
  • Worden Capital Management (2018-Present)

The Allegations

  • In June 2018, a customer alleged that Mark Kolta misrepresented details regarding their account, made unsuitable investment recommendations, breached his fiduciary duty, breached contract, and handled their account negligently. This case is currently pending. The customer is seeking $450,000 in damages.
  • In July 2018, a customer alleged breached of fiduciary duty, negligence, misrepresentation, and unsuitable investment recommendations. This case is currently pending. The customer is seeking $120,000 in damages.
  • In October 2018, a customer alleged misrepresentation, negligence, breach of fiduciary duty, and breach of contract. This case is currently pending. The customer is seeking $422,000 in damages.
  • Also in October 2018, a customer accused Mark Kolta of unsuitability. This case is also currently pending. The customer is seeking an undisclosed amount in damages.
  • In February 2019, a customer alleged breach of fiduciary duty, breach of contract, fraud, misrepresentation, and unauthorized trading. This case is currently pending. The customer is seeking $55,000 in damages.
  • Also in February 2019, a customer alleged that Mark Kolta made unsuitable investment recommendations, breached contract, breached his fiduciary duty, and handled their account negligently. This case is currently pending. The customer is seeking an undisclosed amount in damages.
  • In April 2019, a customer alleged unsuitable investment recommendations, breach of fiduciary duty, and negligence. This case is currently pending. The customer is seeking $300,000 in damages.

What Does This Mean?

Securities brokers have an obligation to always act in the best interests of their customers. This obligation is also referred to as their fiduciary duty. This duty is necessary for there to be trust between securities brokers and their customers. The reason investors need to trust securities brokers is because they have the knowledge to invest their money more efficiently than they could. Investors would not be able to give brokers access to their money without that trust, and that trust could not exist without securities brokers being bound by their fiduciary duty to always act in the investor’s best interests.

Oakes & Fosher Can Help

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 Kolta, please contact Oakes & Fosher for a free and private consultation.