Oakes & Fosher is currently investigating the possible negligence and/or misconduct of former securities broker Michael Freeman. According to his publicly available FINRA BrokerCheck report, Michael Freeman became the subject of a customer complaint in November 2017.

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

His Registrations

  • Meyers Associates (2012-2013)
  • Legend Securities (2013-2016)
  • Spartan Capital Securities (2016-2019)

The Complaint

In November 2017, a customer alleged that Michael Freeman recommended unsuitable securities, exploited an elderly person, and churned the account of an elderly person. This case went to arbitration where the customer was awarded $64,860 in damages. Michael Freeman was eventually suspended indefinitely by FINRA after allegedly failing to comply with the above mentioned award.

What Does This Mean?

Less than scrupulous securities brokers who recommend unsuitable securities and engage in account churning often do so to elderly customers. This is because these types of brokers see elderly investors as the perfect targets for their fraudulent behavior. This is because elderly investors usually rely more heavily on their securities brokers to invest suitably on their behalf. Targeting elderly investors for fraudulent activity is also known as financial elder abuse.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker negligence and/or fraud. 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 who have lost money in this fashion. If you, or someone you know, have lost money investing with Michael Freeman, 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.