The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Ralph Byer. According to his publicly available FINRA BrokerCheck report, Ralph Byer has been the subject of multiple customer disputes.

Ralph Byer is a Florida based securities broker. He has worked in the securities industry for thirty-seven years. He has spent his entire career registered with just Merrill Lynch.

The Allegations

  • In July 1993, a customer complained about the performance of a $100,000 limited partnership investment that Ralph Byer allegedly placed them in. This case was settled for $42,000 in damages.
  • In March 1999, a customer alleged that Ralph Byer churned his account. He also alleged that he was never informed of the repercussions of margin trading. This case was settled for $22,500 in damages.
  • In January 2009, a customer alleged that Ralph Byer made unsuitable investment recommendations. This case was settled for $7,000 in damages.
  • In February 2014, a customer alleged that Ralph Byer made material misrepresentations about a variable life insurance policy.
  • In June 2018, customers alleged that Ralph Byer excessively traded their account, recommended unsuitable investments, and made material misrepresentations. This case was settled for $565,000 in damages.

What Does This Mean?

One notable allegation levied against Ralph Byer was that he excessively traded his customers’ account. Excessive trading occurs when a securities broker trades an investor’s account more frequently than is suitable. This type of trading leads to investors experiencing additional unnecessary fees. These fees can very easily rack up and greatly drain an investor’s principal investment. The main motivation behind a broker’s excessive trading is the fact that they receive an additional commission every time they execute a trade on an investor’s behalf. A broker who engages in excessive trading with the express intent of increasing their own commissions has committed a fraudulent act known as churning.

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 career to helping investors across the nation. If you, or someone you know, have lost money investing with Ralph Byer, 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.