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

Nicholas Toadvine is a Florida based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with seven different securities firms.

His Registrations

  • Sigma Financial (2000-2001)
  • Allen & Company (2001-2002)
  • Investors Capital Corp. (2002-2012)
  • Brookstone Securities (2012)
  • Cabot Lodge Securities (2012-2013)
  • Calton & Associates (2013-Present)

The Allegations

  • In January 2010, a customer alleged that Nicholas Toadvine purchased unsuitable securities on their behalf. This case was settled for $35,000 in damages.
  • In December 2011, a customer alleged that Toadvine recommended unsuitable investments. This case was settled for $82,318 in damages.
  • In April 2012, another customer alleged that Toadvine recommended unsuitable investments. This case was settled for $145,525 in damages.
  • In August 2012, even more customers alleged that Toadvine recommended unsuitable investments. This case was settled for $261,450 in damages.
  • In December 2012, a customer alleged that Toadvine recommended unsuitable non-traded REITs, other DPPs, and high yield corporate debt. This case was settled for $230,478 in damages.
  • In May 2014, another customer alleged that Toadvine recommended unsuitable investments. This case was settled for $140,000 in damages.

What Does This Mean?

Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Nicholas Toadvine can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 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 Nicholas Toadvine, 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.