The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Raymond Menna. According to his publicly available FINRA BrokerCheck report, Raymond Menna has been the subject of a customer dispute.
Raymond Menna is a New York based securities broker. He has worked in the securities industry for twenty-nine years. During his career, he has been registered with four different securities firms.
His Registrations
- Vantage Financial Services (1989-1990)
- Prime Capital Services (1990-2010)
- Mutual Capital Corp. (2001-2005)
- Planmember Securities Corporation (2010-2019)
The Allegations
In November 2017, a customer alleged that Raymond Menna engaged in unauthorized trading, recommended unsuitable investments, and made material misrepresentations and omissions. This case was settled for $260,000 in damages.
What Does This Mean?
One of the most noteworthy allegations levied against Raymond Menna was that he engaged in unauthorized trading. Securities brokers are not allowed to execute trades on their customers’ behalf without first obtaining their authorization to do so. Just because an investor has hired a securities broker to recommend suitable investments does not mean they have forfeited the right to ultimately decide what they want to be invested in. When a securities broker executes a trade without first obtaining the investor’s authorization, it is often because they knew it was a trade that was unsuitable for the investor. This process often causes financial detriment to the investor.
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 Raymond Menna, 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.
