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 be entitled to damages. The law firm of Oakes & Fosher is interested in hearing from investors who believe this may be them.

Oakes & Fosher is presently investigating the possible misconduct of former securities broker Nicholas Shermeta. According to his publicly available FINRA BrokerCheck report, Nicholas Shermeta is the subject of a pending customer dispute.

Nicholas Shermeta was a Minnesota based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with six different securities firms.

His Registrations

  • John G. Kinnard and Company (1993-1995)
  • Equity Securities Trading (1995-1997)
  • Paradise Valley Securities (1997-1999)
  • Miller Johnson Steichen Kennard (1999-2002)
  • Feltl & Company (2002-2011)
  • Northland Securities (2011-2016)

The Allegations

  • In August 2017, customers alleged negligence, fraud, breach of fiduciary duty, and violation of the Minnesota Securities Act. This case is currently pending. The customer is seeking $409,949 in damages.
  • Nicholas Shermeta is facing pending criminal charges of Aiding and Abetting Wire Fraud.

Negligence

Securities brokers, like Nicholas Shermeta, have a legal obligation to always act in the best interests of their customers. Part of this means conducting the necessary due diligence to handle their customer’s accounts to this best of their ability. When brokers let this responsibility go awry, their customers can suffer financially for it. Negligence turns out to be one of the most common things that securities brokers are accuse of.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Nicholas Shermeta, please contact Oakes & Fosher for a free and private consultation.