The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Michael Ralston. According to his publicly available FINRA BrokerCheck report, Michael Ralston is presently the subject of a pending customer complaint.
Michael Ralston is presently operating as a Michigan based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with six different securities firms.
His Registrations
- MetLife Securities (1996-2001)
- Metropolitan Life Insurance Company (1996-2001)
- TCF Investments (2001-2006)
- IFMG Securities (2006-2008)
- Uvest Financial Services (2008)
- Fidelity Brokerage Services (2008-Present)
The Allegations
In May 2018, a customer alleged that, in 2010, Michael Ralston’s recommendation to restructure his accounts, including purchasing an annuity, was unsuitable to their needs.
What Does This Mean?
Securities brokers have a legal obligation to only recommend securities to customers that are suited for them. This suitability is determined by analyzing factors such as the customer’s previously stated investment objectives, financial situation liquidity needs, and risk tolerance. Securities brokers are expected to conduct the necessary due diligence required to determine a customer’s suitability based on these factors. Securities brokers who invest their customers contrary to their stated factors lack the ability to perform their duties to the required standard.
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 representing investors across the nation. If you, or someone you know, have lost money investing with Michael Ralston, 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.
