The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Richard Cagle. According to his publicly available FINRA BrokerCheck report, Richard Cagle has been the subject of a customer dispute and a FINRA sanction.

Richard Cagle was a Texas based securities broker. He worked in the securities industry for twenty-eight years. During his career, he was registered with two different securities firms.

His Registrations

  • Principal Financial Securities (1991-1997)
  • Hilltop Securities (1997-2019)

The Allegations

In October 2018, a customer alleged that Richard Cagle recommended unsuitable investments. This case was settled for $230,000 in damages. Richard Cagle was later sanctioned by FINRA in July 2019 for allegedly making unsuitable investment recommendations in addition to mismarking customer order tickets. Due to these alleged actions, he was barred by FINRA from acting as a securities broker in any fashion.

Unsuitable Recommendations

Securities brokers have an obligation to their customers to always act in their best financial interests. The main part of this is only recommending securities to customers that they are financially suited for. Most investors lack the investment knowledge and experience to fully understand what securities are suitable for them. Because of this, they rely heavily on their securities brokers to recommend securities that are suitable for them. Brokers like Richard Cagle can determine suitability by looking at factors like the investor’s financial situation, investment objectives, liquidity needs, age, and risk tolerance. Brokers cannot excuse themselves by claiming they were unaware of an investment’s unsuitability.

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 Cagle, please contact Oakes & Fosher for a free and private consultation.