The law firm of Oakes & Fosher is presently investigating the possible misconduct of securities broker Patrick Dever. According to his publicly available FINRA BrokerCheck report, Patrick Dever has been the subject of multiple customer disputes.
Patrick Dever is a Pennsylvania based securities broker. He has worked in the securities industry for twenty-eight years. During that time he has been registered with four different securities firms.
His Registrations
- Lehman Brothers (1992-1993)
- Citigroup Global Markets (1993-2006)
- Morgan Stanley (2006-2014)
- Stifel, Nicolaus & Company (2014-Present)
The Allegations
- In September 2010, a customer alleged that Patrick Dever purchased unsuitable securities in their account. This case was settled for $65,000 in damages.
- In May 2018, a customer alleged that Patrick Dever purchased a product in their account that was both speculative and inappropriate. This case was settled for $21,041 in damages.
What Does This Mean?
Securities brokers, like Patrick Dever, must only recommend securities to customers that are suitable for them. Brokers are able to determine this suitability by analyzing factors such as the customer’s investment objectives, risk tolerance, liquidity needs, and financial situation. Securities brokers are also unable to excuse themselves by claiming they were unaware of a securities unsuitability. This is because it is expected of brokers to conduct the necessary due diligence required to discern an investor’s suitability based on these factors.
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 Patrick Dever, 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.
