The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Paul Porter. According to his publicly available FINRA BrokerCheck report, Paul Porter has been the subject of multiple complaints in his career.

Paul Porter is a Pennsylvania based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with just two different securities firms.

His Registrations

  • Citigroup Global Markets (2001-2006)
  • Wells Fargo Clearing Services (2006-Present)

The Allegations

  • In 2008, an attorney, on behalf of a customer, alleged that Paul Porter recommended unsuitable investments, made material misrepresentations, recommended unsuitable investments, managed their account negligently, breached his fiduciary duty, and committed fraud. This case was settled for $30,000 in damages.
  • In May 2012, a customer alleged that Paul Porter executed unauthorized trades.
  • In March 2018, a customer alleged that Paul Porter sold securities without her authorization or knowledge. Prior to these alleged transgressions, the customer explicitly told Porter that she would never want to sell unless she made the decision. This case was settled for $61,755 in damages.
  • In January 2019, a customer alleged that Paul Porter failed to liquidate investments when requested.

Unauthorized Trading

Securities brokers are prohibited from executing trades on behalf of investors without first obtaining the investor’s authorization.  There is however a practice known as discretionary trading that allows a securities broker to execute trades in a client’s account without obtaining authorization for each one, but the broker must first obtain written authorization from the investor first.  This written authorization is necessary as it keeps the investor involved in the process and helps protect them against potential unsuitable investments made without their knowledge.

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 Porter, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.