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

Richard Charles Foster was an Oklahoma based securities broker. He worked in the securities industry for ten 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.

His Registrations

  • Princor Financial Services (2002-2005)
  • Oneamerica Securities (2005-2006)
  • Linsco/Private Ledger Corp. (2006)
  • Arvest Asset Management (2006-2010)
  • Money Concepts Capital (2011-2012)
  • Cetera Investment Services (2012-2014)

The Allegations

  • In April 2016, a customer alleged that Richard Charles Foster handled their account negligently, breached his fiduciary duty, and committed securities fraud. This case was settled for $35,000 in damages.
  • In January 2018, Richard Charles Foster was officially sanctioned by FINRA. The findings in this matter state that he made an unsuitable recommendation to a customer that they liquidate an IRA and give him the proceeds to trade in an outside brokerage account. This alleged outside account utilized a risky and costly options trading strategy that was unsuitable for the customer. Due to these alleged actions, he was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of six months.

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 Charles Foster, 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.