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

Marlyn McClain is an Iowa based securities broker. He has worked in the securities industry for forty-one years. He spent his entire career registered with just two different securities firms.

His Registrations

  • New York Life Variable Contracts Corporation (1974-1979)
  • NyLife Securities (1982-Present)

The Allegations

  • In June 1995, claimants alleged that Marlyn McClain failed to disclose all material facts regarding securities that he had recommended. The claimants also alleged that he advised them to purchase an excessive amount of life insurance for a retirement planning portfolio. This case was settled for $120,000.
  • In September 2011, a customer alleged that retirement products they had purchased had been misrepresented to them by Marlyn McClain. This case was settled for $71,207 in damages.
  • In April 2018, a customer alleged that the sale of a Survivorship VUL in January 2013, that had been recommended by Marlyn McClain was inappropriate given his age and net worth. This case was settled for $70,000 in damages.

What Does This Mean?

Certain investments are only suitable for certain investors. Securities brokers like Marlyn McClain can determine suitability by looking at factors like their customer’s risk tolerance, financial situation, age, liquidity needs, and investment objectives. Securities brokers sometimes recommend securities to customers that are not suited for them which in turn can cause the investor to incur financial losses. This is through either the broker’s fraudulent intent or simply through their own negligence. Regardless of the broker’s intent, an investor being placed in investments they are not financially suited for can be detrimental to them.

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 Marlyn McClain, 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.