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

Mitchell Rock is a New York based securities broker. He has worked in the securities industry for thirty-one years. During his long career, he has been registered with eight different securities firms.

His Registrations

  • E.F. Hutton & Company (1986-1988)
  • Lehman Brothers (1988-1991)
  • Dubin & Swieca Securities (1991)
  • Merrill Lynch (1992)
  • CIBC World Markets (1993-2000)
  • UBS Financial Services (2000-2008)
  • Morgan Stanley (2008-2016)
  • Wells Fargo (2016-Present)

The Allegations

  • In December 1989, a customer alleged that they lost profits in a managed convertible bond account recommended to them by Mitchell Rock. This case went to arbitration and the customer was awarded over $100,000.
  • In March 2008, a customer alleged that their investments in UBS preferred floaters (auction rate securities), that Mitchell Rock had recommended, were not appropriate for a customer seeking money market returns. This case was settled for $225,000.
  • In December 2008, a customer alleged that the securities that Mitchell Rock purchased for their account were unsuitable when taking into consideration their investment objectives. Mitchell Rock also allegedly made material misrepresentations regarding said securities. This case was settled for $150,000.
  • In September 2012, a customer alleged that Mitchell Rock recommended unsuitable securities and omitted material facts regarding the sale of structured products. This case was settled for $61,000 in damages.
  • In July 2018, a customer alleged that Mitchell Rock misrepresented the amount of fees that would be charged to their account. The customer alleged that the fees and commissions taken from his accounts were much higher than Rock had told him. This complaint was denied by Rock’s firm; however, this does not mean that FINRA or a tribunal have heard the complaint yet.

What Does This Mean?

Securities brokers are obligated to their customers to always act in their best financial interests. This means that they are only supposed to recommend investments to them that they know are suitable for them. Brokers can determine a customer’s suitability by analyzing their investment objectives, financial situation, risk tolerance, and liquidity needs. One of the main jobs of a securities broker is to be able to determine suitability by using these factors. Because of this, they are unable to excuse themselves by claiming they were unaware of a security’s unsuitability.

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 Mitchell Rock, 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.