The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Martin Brooks. According to his publicly available FINRA BrokerCheck report, Martin Brooks has been the subject of a customer dispute and a FINRA sanction.

Martin Brooks is a Missouri based securities broker. He has worked in the securities industry for seventeen years. During his career, he has been registered with four different securities firms.

His Registrations

  • Foresters Equity Services (2002-2003)
  • New England Securities (2004-2006)
  • Cetera Advisors (2006-2016)
  • United Planners’ Financial Services of America (2016-Present)

The Allegations

  • In April 2016, a customer alleged that the investments they purchased on Martin Brooks’ recommendation were unsuitable. This case was settled for $490,000 in damages. Due to these allegations, he was terminated from his position at Cetera Advisors.
  • In March 2018, Martin Brooks was sanctioned by FINRA. The findings in this matter state that he allegedly exercised discretionary trading authority for five different customers by purchasing shares in a real estate fund for each customer without written authorization or acceptance of the accounts as discretionary by his member firm. Due to these allegations, he was suspended for a period of fifteen business days and fined $5,000.

What Does This Mean?

One of the most important aspects of a securities broker’s job is the ability to recommend suitable securities to their customers. That is, in fact, the reason that investors actually hire securities brokers in the first place. Because most casual investors lack the investment knowledge and experience to invest suitably on their own behalf. Brokers can determine suitability by looking at factors that include the customer’s age, risk tolerance, liquidity needs, annual income, financial situation, and investment objectives. A broker’s negligence in regards to determining suitability quite often results in investors being placed in investments they are not financially suited for. This in turn can cause significant financial loss 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 Martin Earl Brooks, please contact Oakes & Fosher for a free and private consultation.