Richard Bernstein Allegedly Makes Unauthorized Trades

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

Richard Bernstein is a Nevada based securities broker. He has worked in the securities industry for thirty-six years. During his career, he has been registered with seven different securities firms.

His Registrations

• Merrill Lynch (1983-1985)


• Bear, Stearns & Co. (1985-1988)


• Prudential Securities Incorporated (1988-1992)


• Salomon Smith Barney Inc. (1992-2003)


• UBS Financial Services (2003-2009)


• Morgan Stanley & Co. (2009-2015)


• Wells Fargo Clearing Services (2015-Present)

The Allegations 

• In June 1994, a customer alleged that Richard Bernstein recommended unsuitable investments, executed unauthorized trades, breached his fiduciary duty, and failed to follow instructions. This case went to arbitration, where the customer was awarded $91,200 in damages.


• In November 2008, a customer alleged that Richard Bernstein failed to follow instructions to liquidate their accounts. This case was settled for $5,792 in damages.


• In January 2019, a customer alleged that Richard Bernstein recommended unsuitable investments. This case is currently pending.


• In February 2019, a customer alleged that Richard Bernstein executed unauthorized trades that conflicted with their investment goals. This case is also currently pending.

Unauthorized Trading

A fair amount of investors share a misconception that hiring a securities broker means they have surrendered control over their investment accounts. This is most certainly not the case. Securities brokers are required to obtain their customer's authorization whenever executing trades on their behalf. A failure to do so can often result in the customer incurring losses. The types of trades that brokers usually forgo obtaining authorization for are the types of trades they have no business placing that customer in.

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 Richard Bernstein, 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.