The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Michael Ralby. According to his publicly available FINRA BrokerCheck report, Michael Ralby has been the subject of multiple customer disputes.
Michael Ralby was a Florida based securities broker. He worked in the securities industry for thirty-three years. During his career, he was registered with nine different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- First Miami Securities (1984-1990)
- Smith Barney (1990-1995)
- D.E. Frey & Company (1995-1998)
- Jwgenesis Securities (1999-2001)
- First Union Securities Financial (1998-2001)
- FSC Securities Corporation (2002-2005)
- Stanford Group Company (2005-2009)
- Oppenheimer & Co. (2009-2013)
- Morgan Stanley (2013-2018)
The Allegations
- In September 2014, customers alleged that Michael Ralby engaged in civil conspiracy and willfully violated Florida statutes. This case went to arbitration where the customers were awarded $2,205,748 in damages.
- In January 2017, a customer alleged that Michael Ralby engaged in unauthorized trading. The alleged transgressions taking place between July 2013 and December 2016. This case was settled for $35,450 in damages.
- In July 2018, a customer alleged that Michael Ralby recommended unsuitable investments regarding their purchase of structured products. The alleged transgressions taking place between March and August of 2016. This case was settled for $13,604 in damages.
- In January 2019, customers alleged that Michael Ralby recommended unsuitable investments. This case is currently pending. The customer is seeking an undisclosed amount in damages.
Michael Ralby was eventually barred from acting as a securities broker in any fashion.
What Does This Mean?
The most important part of a securities broker’s job is the ability to recommend suitable investments to their customers. Brokers can do this by looking at the right information. This would be the customer’s investment objectives, financial situation, annual income, age, risk tolerance, and liquidity needs. Investors with negligent brokers often find themselves placed in investments that they are highly unsuited for.
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 Ralby, please contact Oakes & Fosher for a free and private consultation.
