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

Michael Cowan was a Florida based securities broker. He worked in the securities industry for forty-eight years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Dupont Glore Forgan (1970-1973)
  • Dupont Walston Incorporated (1973-1974)
  • Herzfeld & Stern Inc. (1974-1985)
  • Gruntal & Co. (1985-1990)
  • Prudential Securities Incorporated (1990-1998)
  • UBS Financial Services (1998-2010)
  • Ameriprise Financial Services (2010-2019)

The Allegations 

  • In March 2000, a customer alleged that Michael Cowan recommended speculative investments, engaged in excessive margin trading, and executed an inappropriate number of trades and commissions. This case was settled for $30,000 in damages.
  • In July 2004, customers alleged that Michael Cowan took part in unauthorized trading and made unsuitable investment recommendations that they invest in aggressive growth funds, technology stocks, and variable annuities. This case was settled for $450,000 in damages.
  • In January 2006, a customer alleged that Michael Cowan mismanaged trust assets, failed to diversify said trust assets, and recommended unsuitable investments. This case was settled for $25,000 in damages.

What Does This Mean?

To perform their duties to the necessary standard required for someone in their position, a securities broker must possess the ability to determine what investments are suitable for their customers. Brokers can determine this suitability on a case by case basis by analyzing the investor’s financial information. This information includes the customer’s age, investment objectives, financial situation, liquidity needs, and risk tolerance. All of these factors and more directly determine whether or not a particular investment is suitable for that customer.

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 Cowan, 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.