The law firm of Oakes & Fosher is currently investigating the alleged misconduct of former securities broker Paul Blum. According to his publicly available FINRA BrokerCheck report, Paul Blum has been the subject of multiple customer disputes.
Paul Blum was a Florida based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- J.B. Hanauer & Co. (1981-1990, 1991-2009)
- Prudential-Bache Securities (1990-1991)
- RBC Capital Markets (2009-2015)
The Allegations
- Throughout 1995, Paul Blum became the subject of four complaints from customers alleging that he misrepresented the details of plaid clothing bonds and that these bonds were highly unsuitable. These cases were settled for a total of $650,259 in damages.
- In October 2012, a customer alleged that Paul Blum excessively traded their accounts. This case was settled for $110,000 in damages.
- In November 2015, a customer alleged that they experienced losses due to unsuitable bonds Paul Blum recommended. This case was settled for $64,000 in damages.
- In December 2015, a customer alleged that Paul Blum was negligent in his recommendation of bonds that since defaulted. This case was settled for $52,352 in damages.
- In January 2016, a customer alleged that Paul Blum misrepresented that taxable bonds were the same as tax free bonds. This case was settled for $150,000 in damages.
- In February 2016, customers alleged that Paul Blum recommended unsuitable investments in the energy sector. This case was settled for $750,000 in damages.
- In March 2016, a customer alleged that Paul Blum recommended unsuitable energy bonds. This case was settled for $220,000 in damages.
- In March 2016, a POA, on behalf of an investor, alleged that Paul Blum recommended unsuitable investments and excessively traded the investors account. This case was settled for $393,000 in damages.
- In May 2016, a customer alleged that Paul Blum recommended unsuitable energy sector corporate bonds. This case was settled for $285,000 in damages.
- Also in May 2016, a customer alleged that Paul Blum excessively traded their account and over-concentrated their account in oil and gas bonds. This case was settled for $137,500 in damages.
- In June 2016, customers alleged that Paul Blum recommended highly unsuitable energy sector corporate bonds. This case was settled for $875,000 in damages.
- In August 2017, Paul Blum was officially sanctioned by FINRA. The findings in this matter state that Blum failed to comply with an investigation into allegations of his unsuitable trading–among other things. Due to this alleged failure to comply, Paul Blum was barred by FINRA from acting as a securities broker in any fashion.
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 Paul Blum, 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.
