The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Patrick Jermaine Phillips. According to his publicly available FINRA BrokerCheck report, Patrick Jermaine Phillips has been the subject of a customer dispute and a FINRA sanction concerning the same matter.

Patrick Jermaine Phillips was an Illinois based securities broker. He worked in the securities industry for fifteen years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • Northern Trust Securities (2001-2002)
  • Vision Investment Services (2002)
  • Wells Fargo Investments (2003)
  • Citigroup Global Markets (2003-2006, 2013-2016)
  • Robert W. Baird & Co. (2006-2010)
  • Ameriprise Financial Services (2010-2013)
  • MSI Financial Services (2016)

The Allegations

Patrick Jermaine Phillips was recently sanctioned by FINRA in August 2018. The findings in this matter state that he violated his firm’s policies and accepted two loans from a customer of his firm totaling $70,000. The alleged loan was never paid back and thus the client requested to be reimbursed from Robert W. Baird & Co. Incorporated. The customer settled for $45,000. Due to these allegations, Patrick Jermaine Phillips was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of five months.

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 Jermaine Phillips, please contact Oakes & Fosher for a free and private consultation.