The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Raymond Pirrello. According to his publicly available FINRA BrokerCheck report, Raymond Pirrello has been the subject of multiple customer disputes.
Raymond Pirrello was a New Jersey-based securities broker. He worked in the securities industry for nineteen years. During his career, he was registered with six different securities firms. He is no longer working as a registered securities broker in any fashion.
- Investors Associates (1996-1997)
- Worthington Capital Group (1997)
- Barron Chase Securities (1998-2000)
- J.P. Turner & Company (2000-2007)
- The Concord Equity Group (2007-2008)
- Garden State Securities (2008-2016)
- In June 2001, a customer alleged that Raymond Pirrello churned their account, purchased unsuitable securities on their behalf, failed to follow their instructions, executed unauthorized trades, and made material misrepresentations. This case was settled for $21,000 in damages.
- In December 2007, a customer alleged that Raymond Pirrello failed to follow their instructions. This case was settled for $30,000 in damages.
- In February 2017, a customer alleged that Raymond Pirrello executed unauthorized trades in their account, recommended unsuitable investments, churned their account, and managed their account negligently. This case was settled for $300,000 in damages.
- In February 2018, a customer alleged that Raymond Pirrello aggressively traded their account, executed unauthorized trades, recommended unsuitable investments, and managed their account negligently. This case is currently pending. The customer is seeking $400,000 in damages.
There is a common misconception among less experienced investors that hiring a securities broker equates to surrendering financial control over your account. This is most certainly not the case. Brokers are still required to obtain the investor’s authorization before executing trades in their account. A broker circumventing this procedure can often lead to the account holder incurring significant losses. This is because the types of investments that brokers usually forgo obtaining authorization for are the types of investments that can be incredibly harmful to investors. This is why it is so crucial that securities firms have adequate systems of monitoring their registered brokers to determine if they are engaging in any unauthorized activities. This is necessary to prevent customers from experiencing losses due to fraudulent or negligent trading.
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 Pirrello, 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.