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

Michael Hood is a Colorado based securities broker. He has worked in the securities industry for thirty-two years. During his career, he has been registered with four different securities firms.

His Registrations

  • Liberty Securities Corporation (1988)
  • Painewebber Incorporated (1988-1995)
  • Citigroup Global Markets (1995-2009)
  • Morgan Stanley (2009-Present)

The Allegations 

  • In August 2003, a customer alleged that Michael Hood recommended unsuitable investments, managed their account negligently, made material misrepresentations, breached his fiduciary duty, made material omissions, breached contract, and violated the Colorado Securities Act. This case was settled for $82,500 in damages.
  • In February 2020, customers alleged that Michael Hood recommended unsuitable investments. This case is currently pending. The customers are seeking $300,000 in damages.

What Does This Mean?

Securities brokers have a legal obligation to always act in their customers’ best financial interests. The main part of this is recommending investments to their customers that they are actually financially suited for. Brokers can determine this suitability by analyzing financial information provided to them by the customer. This includes the customer’s investment objectives, risk tolerance, liquidity needs, and financial situation. Brokers who invest their customers contrary to these factors have either done so in a fraudulent attempt to place their own financial interest ahead of their customer’s, or in a negligent manner–both of which should disqualify them from their positions. This is because the position of stock broker comes with a great responsibility to investors, and those who are not up to the task should not be given that responsibility.

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 Hood, 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.