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

Murray Roark is a Texas based securities broker. He has worked in the securities industry for thirty-seven years. During his career, he has been registered with ten different securities firms.

His Registrations 

  • Shearson/American Express (1982-1983)
  • E.F. Hutton & Company (1983-1988)
  • Dean Witter Reynolds (1988-1993)
  • Rauscher Pierce Refsnes (1993-1998)
  • Dain Rauscher Incorporated (1998-2001)
  • Robert W. Baird & CO. (2001-2003)
  • Northwestern Mutual Investment Services (2002)
  • Morgan Keegan & Company (2003-2011)
  • B. Riley Wealth Management (2011-Present)

The Allegations

  • In February 2016, a customer alleged that Murray Roark failed to diversify their portfolio and made material misrepresentations. This case was settled for $275,000 in damages.
  • In May 2019, a customer alleged that Murray Roark breached his fiduciary duty, managed their account negligently, recommended unsuitable securities, and over-concentrated their account in the energy sector. This case is currently pending. The customer is seeking $300,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always look out for their best financial interests. This obligation is the broker’s duty as a fiduciary. One important aspect of this duty is making sure their customers’ portfolios are properly diversified in a manner suitable to them. Investors with more conservative investment objectives should not have their accounts concentrated solely in risky securities. This would be contrary to their objectives and risk tolerance. Brokers must also make sure they are diversifying a customer’s portfolio in different investments regardless of the customer’s objectives or risk tolerance. Even if a customer is seeking to have their account traded more aggressively, then the broker must still make sure they place the customer in different stocks. That means that the success of the individual’s account is not entirely determined by the success or failure of one security.

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 Murray Roark, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.