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

Marlon Cole was a New York based securities broker. He has worked in the securities industry for a total of eleven years. During his career, he has been registered with twelve different securities firms.

His Registrations

  • PHD Capital (2006)
  • Meyers Associates (2006-2008)
  • Prestige Financial Center (2008-2010)
  • Global Arena Capital Corp. (2010-2011)
  • Liberty Partners Financial Services (2011-2013)
  • Legend Securities (2013-2014)
  • E.J. Sterling (2014-2015)
  • Blackbook Capital (2015)
  • Avenir Financial Group (2015-2016)
  • Spartan Capital Securities (2016)
  • Fordham Financial Management (2017)
  • Worden Capital Management (2019-Present)

The Allegations

  • In May 2009, a customer alleged that Marlon Cole engaged in unauthorized trading. This case was settled for $28,000 in damages.
  • In October 2014, another customer alleged that Marlon Cole engaged in unauthorized trading. This case was settled for an undisclosed amount in damages.
  • In December 2014, a customer alleged that Marlon Cole purchased three times the number of shares that they had authorized for him to purchase. This case was settled for $9,677 in damages.
  • In January 2015, a customer alleged that Marlon Cole engaged in unauthorized trading. This case was settled for $9,500 in damages.
  • In May 2015, a customer alleged that Marlon Cole wasted over $80,000 of his savings without his permission. This case went to arbitration, where the customer was awarded $80,600 in damages.
  • In October 2017, Marlon Cole was officially sanctioned by FINRA. The findings in this matter state that he excessively traded eight accounts belonging to six senior citizens. Cole’s alleged trading of the accounts generated high costs and turnover rates that were very inconsistent with the customers’ investment objectives. Due to these alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of sixteen months.
  • In April 2018, a customer alleged that Marlon Cole excessively traded their account, made misleading statements, committed fraud, made negligent misrepresentations, breached his fiduciary duty, and engaged in unsuitable margin use. This case is currently pending. The customer is seeking $100,000 in damages.

Excessive Trading

Excessive trading can be detrimental to investors. This is because it causes the investor incurs additional fees every time a new transaction is executed. These fees really add up when the customer’s account is traded more frequently than it should be. In these instances, these fees greatly deteriorate an investor’s principal investment, and greatly reduce their chances of seeing their desired investment returns. Many of these incurred fees are paid to the broker as their commission for executing the transaction. This is often the main motivation behind a broker excessively trading an investor’s account. When a broker trades an investor’s account with the express intent of increasing their own commissions, they have officially engaged in a fraudulent trading practice known as churning.

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 Marlon Cole, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.