The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Michael Burkoff. According to his publicly available FINRA BrokerCheck report, Michael Burkoff has been the subject of multiple customer disputes over the course of his career.
Michael Burkoff is a New York based securities broker. He has worked in the securities industry for twenty-two years. During his career, he has been registered with seven different securities firms.
- Joseph Stevens & Company (1996-1997)
- Whale Securities Co. (1997)
- Duke & Co. (1998)
- Briarwood Investment Counsel (1998-1999)
- Joseph Gunnar & Co. (1999-2001)
- Bluestone Capital Corp. (2001)
- National Securities Corporation (2001-Present)
- In March 2000, a customer alleged that Michael Burkoff mishandled a transaction. This case was settled for $13,500 in damages.
- In June 2012, a customer alleged that Michael Burkoff executed unauthorized trades. This case was settled for $4,900 in damages.
- In August 2015, a customer alleged that Michael Burkoff provided them poor advice.
- In December 2019, a customer alleged that Michael Burkoff recommended unsuitable investments and breached his fiduciary duty. This case is presently pending. The customer is seeking $150,000 in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their best financial interests. The most important aspect of this is only recommending investments to them that they (the customers) would be financially suited for. Securities brokers must possess the ability to determine suitability and can do so by looking at specific factors pertaining to the investor. These include; the investor’s financial situation, age, investment objectives, risk tolerance, and liquidity needs. Brokers who are unable to determine if an investment is suitable for their customer based on these factors lack the ability to perform their duties to the standard required for their position.
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 Burkoff, 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.