The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Melvin Case. According to his publicly available FINRA BrokerCheck report, Melvin Case has been the subject of customer disputes and criminal charges.
Melvin Case was a Florida based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with just two different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Pruco Securities (1993-2008)
- LPL Financial (2008-2017)
The Allegations
- In October 2004, a customer alleged that Melvin Case made unsuitable recommendations, failed to properly allocate assets, and made material misrepresentations. This case was settled for $100,000 in damages.
- In June 2009, a customer alleged that Melvin Case misrepresented guarantees and risks associated with an annuity.
- In June 2016, Melvin Case was criminally charged with ‘Exploitation of Aged Adult’. He allegedly converted funds from an elderly investor’s account for his own personal use. Melvin Case pled guilty to these charges. He was discharged from his position at LPL Financial in May 2017 due to the charges.
- In August 2017, a customer alleged that Melvin Case made material misrepresentations, made poor recommendations, and charged excessive fees. This case was settled for $9,023 in damages.
- Melvin Case was sanctioned by FINRA in January 2018. The findings in this matter state that he allegedly failed to disclose the above-mentioned felony charge. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of six months.
What Does This Mean?
Converting a customer’s funds is one of the most blatant and fraudulent abuses of power a securities broker could ever commit. More often than not, when this heinous act is committed by a securities broker, it is done against an elderly individual. This is because brokers like this seek out who they believe would be the easiest target for their scheme. Someone who trusts them implicitly and might not even notice that any money is gone. Someone whose trust the broker can truly abuse.
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 Melvin Case, 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.
