Alvery Anthony Bartlett Jr. Allegedly Recommends Unsuitable Investments

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

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

His Registrations

  • Merrill Lynch (1968-1977)
  • Bache Halsey (1977-1981)
  • E.F. Hutton & Company (1981-1988)
  • Lehman Brothers (1988-1993)
  • Citigroup Global Markets (1993-2007)
  • UBS Financial Services (2007-2016)

The Allegations

  • In April 2009, a customer alleged that Michael Keane failed to implement a stop-loss strategy and instead made an unsuitable equities investment on their behalf. This case was settled for $235,000 in damages.
  • In February 2013, a customer alleged that Michael Keane made unsuitable investment recommendations in high-risk securities and over-concentrated their portfolio in said risky securities. This case was settled for $55,000 in damages.
  • In March 2015, a customer alleged that Michael Keane recommended unsuitable energy stocks. This case was settled for $25,000 in damages.
  • In July 2016, customers alleged that Michael Keane recommended unsuitable high-risk investments and misrepresented the risks associated with said investments. This case was settled for $37,500 in damages.
  • In November 2016, customers alleged that Michael Keane recommended an unsuitable investment strategy in energy stocks, MLPs, and business development companies. The customers also alleged that Keane misrepresented the risks associated with said investment strategy. This case went to arbitration where the customer was awarded $805,120 in damages.
  • In October 2017, a customer alleged that Michael Keane did not follow her instructions to purchase moderate risk stocks and instead purchased unsuitable energy stocks and Master Limited Parnterships without her authorization. This case was settled for $110,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to only recommend investments that are financially suitable. Brokers can determine suitability by looking at multiple factors. These factors include age, risk tolerance, liquidity needs, investment objectives, and financial situation. These master limited partnerships and stocks in the energy sector that Michael Keane was allegedly recommending are often risker than other publicly traded equities. These types of investments are contrary to the more modest investment objectives that these customers who filed disputes had. Securities brokers are expected to possess the ability to determine if an investment is suitable for a particular investor. Those who lack this ability lack the necessary skills required for someone in 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 Keane, 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.