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

Michael Bastardi was a New York based securities broker. He worked in the securities industry for six years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Cape Securities (2012)
  • Dalton Strategic Investment Services (2012-2014)
  • Securities America (2014-2016)
  • National Securities Corporation (2016-2018)
  • Chelsea Financial Services (2018)

The Allegations

  • In January 2015, a customer alleged that Michael Bastardi churned their account. This case was settled for $45,000 in damages.
  • In October 2018, a customer alleged that Michael Bastardi engaged in unsuitable margin trading, executed unauthorized trades, committed fraud, and forged documentation. This case was settled for $100,000 in damages. FINRA eventually opened an investigation into the matter and was eventually barred from acting as a securities broker in any fashion.

What Does This Mean?

Margin trading is a risky trading strategy that is not suitable for many investors–specifically those looking to minimize risk. Essentially, investing on margin means investing borrowed funds. If an investor purchases securities on margin, and the security goes down in value, then the investor is still required to repay the original purchase price–as opposed to what the investment is currently valued at. This can cause significant losses in customer accounts when customers aren’t fully aware what they are getting into.

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 Michael Bastardi, 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.