The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Randolph McNeill. According to his publicly available FINRA BrokerCheck report, Randolp McNeill has been the subject of multiple customer disputes.
Randolph McNeill was a New Jersey-based securities broker. He worked in the securities industry for sixteen years. During his career, he was registered with three different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- Merrill Lynch (2001-2009)
- Garden State Securities (2009-2015)
- Buckman, Buckman & Reid (2015-2018)
The Allegations
- In April 2011, a customer alleged that Randolph McNeill churned their account and charged them excessive commissions. This case was settled for $55,000 in damages.
- In February 2015, a customer alleged that Randolph McNeill churned their account, recommended unsuitable investments, breached his fiduciary duty, committed common law fraud, and breached contract. This case was settled for $62,500 in damages.
Churning
Most securities brokers are compensated for their services by charging investors a percentage of their principal investment every time they execute a trade on their behalf. The way that a broker’s compensation increases throughout their career is by growing their skills. As a broker’s skills and experience increase, more investors trust them with larger sums of money. This in turn increases the commissions that they receive for executing trades. Some less than scrupulous securities brokers wish to circumvent this method of achieving growth and work to increase their commissions through more fraudulent means. These types of brokers often engage in a fraudulent trading practice known as churning. Churning occurs when a securities broker trades an investor’s account excessively with the express intent of increasing their own commissions. This is done at the expense of the customer as excessive trading is often detrimental to investors. This is due to the numerous fees it causes them to incur that drastically lower their principal investment.
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 Randolph McNeill, 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.
