The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Patrick Rynn. According to his publicly available FINRA BrokerCheck report, Patrick Rynn has been the subject of a customer dispute.
Patrick Rynn was a New York-based securities broker. He worked in the securities industry for ten years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
- Chase Investment Services Corp. (2008-2009)
- Equity Services (2009-2010)
- MSI Financial Services (2010-2017)
- MML Investors Services (2017-2019)
In October 2018, an investor’s power of attorney alleged that Patrick Rynn exploited the account holder’s diminished mental capacity to solicit the sale of unsuitable securities. This case was settled for $440,329 in damages.
What Does This Mean?
Financial elder abuse is a very serious charge as it can cause irreparable damage to elderly investors. The act occurs when a broker takes advantage of an elderly investor’s diminished capacity to make financial decisions. This can lead to brokers coercing these investors into purchasing equities that are not suitable for them, trading their portfolio in an excessive manner, or even converting their money for their own personal use. Regardless of whatever form it takes, financial elder abuse is a heinous abuse of power and can lead to more than just a loss of capital, but also depression and stress that can greatly reduce an investor’s life span.
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 Rynn, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.