The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Noel Vincent. According to his publicly available FINRA BrokerCheck report, Noel Vincent has been the subject of numerous customer disputes.
Noel Vincent operated most recently as a Michigan based securities broker. Prior to that he was a Texas based securities broker. Noel Vincent worked in the securities industry for twenty-eight years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Aragon Financial Services (1989-1996)
- AAG Securities (1997-1998)
- Planmember Securities Corporation (1999-2001)
- Investors Capital Corp. (2001-2009)
- Madison Avenue Securities (2009-2018)
- Ele Wealth Advisors (2018)
The Allegations
- In October 2013, customers alleged that Noel Vincent made unsuitable investment recommendations. This case was settled for $26,331 in damages.
- In March 2015, a customer alleged that Vincent made unsuitable investment recommendations. This case was settled for $125,000 in damages.
- In April 2017, a customer alleged that Vincent made negligent misrepresentations of and omitted material facts regarding investments. This case was settled for $19,000 in damages.
- In August 2017, customers alleged that Vincent made unsuitable investment recommendations. This case was settled for $35,000 in damages.
- In August 2017, a customer alleged that Vincent made unsuitable investment recommendations. This case was settled for $24,000 in damages.
- In November 2017, a customer alleged that Vincent made unsuitable investment recommendations and made material misrepresentations about investments. This case was settled for $125,000 in damages.
- In November 2018, a customer alleged that Vincent negligently misrepresented material facts about investments and breached his fiduciary duty. This case was settled for $72,000 in damages.
- In March 2019, a customer alleged that Vincent negligently misrepresented material facts about investments and breached his fiduciary duty. This case was settled for $35,000 in damages.
- In June 2019, a customer alleged that Vincent made unsuitable investment recommendations. This case is currently pending, and the customer is seeking an undisclosed amount.
- In July 2019, a customer alleged that Vincent negligently misrepresented material facts about investments and made unsuitable investment recommendations. This case is currently pending, and the customer is seeking $100,000 in damages.
- In April 2020, a customer alleged that Vincent made unsuitable investment recommendations and made negligent misrepresentations of and omitted material facts regarding investments. This case is currently pending, and the customer is seeking $400,000 in damages.
What Does This Mean?
Securities brokers have a legal and ethical obligation to always act in their customers’ best financial interests. This obligation is the investment broker’s duty as a fiduciary. This duty compels brokers to choose investments for their customers that are actually suitable for them based on factors that include investment objectives, financial situation, risk tolerance, and liquidity needs. Brokers who invest their customers contrary to these factors either do so in an attempt to defraud the investor, or are just incredibly negligent. Either of which disqualify the broker from being able to perform their duties to the necessary standards required for their position.
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. 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 Noel Vincent, or any direct, private investments, 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.
