Oakes & Fosher is presently investigating the alleged misconduct of securities broker Paul Bonaccini. According to his publicly available FINRA BrokerCheck report, Paul Bonaccini has been the subject of a customer dispute and has been terminated from one of his member firms.
Paul Bonaccini is presently operating as Michigan based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with four different securities firms.
- Prudential Securities Incorporated (1990-1994)
- Roney & Co. (1994-1999)
- Raymond James & Associates (1998-2019)
- Wedbush Securities (2019-Present)
- In April 2009, a customer alleged that Paul Bonaccini recommended unsuitable investments. This case was settled for $60,000 in damages.
- In June 2019, Paul Bonaccini was discharged from his position at Raymond James & Associates. This termination followed allegations that he engaged in unauthorized trading in customer accounts.
What Does This Mean?
Securities brokers have a legal obligation to always act in the best interests of their customers. Part of this obligation means getting their customer’s authorization before executing trades on their behalf. Investors are entitled to the opportunity to analyze the risks associated with a particular security before it is purchased on their behalf. One of the major reasons that securities brokers execute unauthorized trades is because they believe that the customer will not want to take on the risks associated with purchasing the new product. Because of this, unauthorized trading can often result in significant trading losses.
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 Bonaccini, 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.