The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Paul Lascelle. According to his publicly available FINRA BrokerCheck report, Paul Lascelle has been the subject of a customer dispute and a FINRA sanction.
Paul Lascelle was a New Jersey based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with five different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- PFS Investments (1990-1995)
- Constitution Capital Corporation (1995-1996)
- Merrill Lynch (1996)
- Wells Fargo Advisors (2005-2011)
- Morgan Stanley (2011-2017)
The Allegations
- In November 2017, Paul Lascelle was officially sanctioned by FINRA. The findings in this matter state that he allegedly engaged in discretionary trading in non-discretionary accounts without written authorization from the customer. Due to these alleged actions, he was fined $2,500 and suspended from acting as a securities broker in any fashion for a period of ten business days.
- In December 2017, Paul Lascelle was terminated from his position at Morgan Stanley Wealth Management. This followed allegations that he allocated revenue for himself that was meant to be shared with another employee.
- In March 2018, a customer alleged that Paul Lascelle excessively traded their account. This case was settled for $45,000 in damages.
What Does This Mean?
Excessive trading very rarely serves any benefit to the investor in any fashion. It instead causes them to incur significant fees that then cause their principal investments to deteriorate. The main motivation behind a securities broker trading their customer’s account excessively is to increase their own commissions; however, it can also occur due to the broker’s own negligence and inability to perform their jobs to the necessary standard. Regardless of the broker’s intent, they need to be held accountable for their actions due to how harmful this type of trading is to investors.
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 Lascelle, 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.
