The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Michael Bressman. According to his publicly available FINRA BrokerCheck report, Michael Bressman allegedly took part in a fraudulent “cherry picking” investment scheme.
Michael Bressman was a New Jersey-based securities broker. He worked in the securities industry for thirty-eight 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
- Merrill Lynch (1979-2000)
- FCG Advisors (2000-2018)
The Allegations
In May 2018, he was terminated from his position at FCG Wealth Management following allegations that he engaged in a fraudulent “cherry picking” scheme over a six-year period. A “cherry picking” scheme is when a broker defrauds his customers by purchasing stock and then waiting to see if the price goes up or down before officially allocating the trade. If the stock goes up, the broker keeps the trade for himself or for “favored” accounts. However, if the stock goes down, the broker allocates the stock to an unfavored customer’s account. An unfavored account usually belongs to a more modest investor who relies much more heavily on not losing their principal. Michael Bressman is facing pending charges from the United States Securities and Exchange Commission as well as pending criminal charges of both Investment Advisor Fraud and Securities Fraud.
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 Bressman, 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.
