The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Paul Murans. According to his publicly available FINRA BrokerCheck report, Paul Murans has been the subject of multiple customer disputes over the course of his career.
Paul Murans is an Indianapolis based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with five different securities firms.
His Registrations
- Midwest Discount Brokers (1999-2000)
- UBS Painewebber (2000-2003)
- Merrill Lynch (2003-2011)
- UBS Financial Services (2011-2017)
- Thurston Springer Financial (2017-Present)
The Allegations
- In March 2011, Paul Murans resigned from his position at Merrill Lynch due to conduct concerning his alleged involvement in outside investments without the knowledge or approval of the firm.
- In August 2016, a customer alleged that Paul Murans made unsuitable investment recommendations. These alleged recommendations were unsuitable due to the customer’s investment objectives and risk tolerance. This case was settled for $75,000 in damages.
- In October 2017, Paul Murans was discharged from his position at UBS Financial Services due to violating multiple of the firm’s policies.
- In March 2018, customers alleged that Paul Murans over-concentrated their account in leveraged ETFs and other unsuitable investments. This case was settled for $355,000 in damages.
- In November 2018, a customer alleged that Paul Murans made material misrepresentations about an unsuitable life settlement contract. The customer also alleged that Paul Murans executed unauthorized trades of structured products. The customer also alleged that Murans had not made her aware that she had been borrowing from her loan account. This case was settled for $250,000 in damages.
- In August 2019, a customer alleged that Paul Murans recommended unsuitable investments, extended an unauthorized credit line agreement, executed unauthorized trades, caused lost opportunity, and engaged in selling away. All in connection with life settlement contracts. This case was settled for $300,000 in damages.
What Does This Mean?
Securities brokers have an obligation to their customers to always act in their (the customer’s) best financial interests. This obligation is the broker’s duty as a fiduciary. The most important aspect of this is having the ability to determine what investments are suitable for their customers. Brokers can determine this suitability by looking at financial information provided to them by the investor. This includes; the customer’s age, financial situation, net worth, investment objectives, liquidity needs, and risk tolerance. Brokers who are unable to discern a customer’s suitability by utilizing this information should frankly not be working in this industry.
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 Murans, 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.
