The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Michael De Pol. According to his publicly available FINRA BrokerCheck report, Michael De Pol has been the subject of multiple customer disputes over the course of his career.
Michael De Pol is a New Jersey-based securities broker. He has worked in the securities industry for twenty-nine years. During his career, he has been registered with three different securities firms.
- C.J.M. Planning Corp. (1990-1993)
- Nationwide Planning Associates (1993-Present)
- Abramenk & Company (2008-2015)
- In May 2017, a customer alleged that Michael De Pol recommended unsuitable REIT investments. This case was settled for $105,000 in damages.
- In August 2018, a customer alleged that Michael De Pol recommended unsuitable investments, breached his fiduciary duty, breached contract, managed their account negligently, made fraudulent misrepresentations, engaged in other fraudulent practices, and violated securities laws. This case was settled for $90,787 in damages.
Non-traded real estate investment trusts, or REITs, are privately traded investment funds not sold on any public securities exchanges. Due to their private nature, these securities are accompanied by a distinct lack of oversight that usually helps regulate equities traded on public securities exchanges. Many less than scrupulous securities brokers take advantage of this as their opportunity to misrepresent non-traded REITs as low-risk and consistently lucrative investments, when nothing could actually be further from the truth. The truth is that non-traded REITs are speculative and illiquid investments that have an extremely high cost structure. Despite how unsuitable they can be, less than scrupulous securities brokers continue to recommend them to financially unsuited investors due to the significant commissions these products give to recommending brokers.
What Does This Mean?
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 De Pol, 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.