The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Michael Patrick Nixon. According to his publicly available FINRA BrokerCheck report, Michael Patrick Nixon has been the subject of a customer dispute.

Michael Patrick Nixon is presently operating as a Florida based securities broker. He has worked in the securities industry for twenty-seven years. During his career, he has been registered with eleven different securities firms.

His Registrations

  • F.N. Wolf & Co. (1991-1992)
  • Montano Securities (1993-1995)
  • Dickinson & Co. (1995-1996)
  • American Fronteer Financial (1996-1999)
  • Centennial Capital Management (1999-2001)
  • Empire Financial Group (2001-2008)
  • Jesup & Lamont (2008-2010)
  • Anderson & Strudwick (2010-2011)
  • Meyers Associates (2011-2013)
  • Newport Coast Securities (2012-2016)
  • Paulson Investment Company (2015-Present)

The Allegations

  • In July 2018, customers alleged that Michael Patrick Nixon violated the Florida Securities Act, engaged in common law fraud and securities fraud, breached his fiduciary duty, and negligently recommended unsuitable investments. This case was settled for $192,500 in damages.
  • In August 2019, Nixon was officially sanctioned by FINRA for allegedly exercising discretionary trading authority on behalf of his customers without prior written authorization from the customers and written approval from his member firm. As a result of these findings, Nixon was suspended from acting as a securities broker in all capacities for a period of fifteen days and fined a total of $5,000.

Fiduciary Duty

The relationship between investors and securities brokers exists on a foundation of trust. The reason that investors can generally feel secure in trusting their broker is because they are aware that brokers are obligated to always act in their customers’ best financial interests. This obligation is also known as the broker’s fiduciary duty. Brokers who breach this duty work toward the erosion of that trust, which in turn can significantly damage the broker/investor relationship.

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 Patrick Nixon, please contact Oakes & Fosher for a free and private consultation.