The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Richard DeYoung. According to his publicly available FINRA BrokerCheck report, Richard DeYoung has been the subject of a customer dispute in his career.
Richard DeYoung is a Texas-based securities broker. He has worked in the securities industry for twenty-eight years. During his career, he has been registered with seven different securities firms.
His Registrations
- Prudential Securities Incorporated (1992-1994)
- Merrill Lynch (1994-1995, 2009-2012)
- A.G. Edwards & Sons (1995-2000)
- UBS Painewebber (2000-2002)
- LPL Financial Corporation (2002-2009)
- Banc of America Investment Services (2009)
- Wells Fargo Clearing Services (2012-Present)
The Allegations
In June 2017, customers alleged that Richard DeYoung recommended unsuitable investments. This case went to arbitration where the customers were awarded $750,000 in damages.
What Does This Mean?
Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Richard DeYoung can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.
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 DeYoung, please contact Oakes & Fosher for a free and private consultation.
