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

Robert Abramowitz is a New York-based securities broker. He has worked in the securities industry for sixteen years. During his career, he has been registered with five different securities firms.

His Registrations

  • David Lerner Associates (2001-2005)
  • Wells Fargo (2005-2011)
  • Raymond James Financial Services (2011-2016)
  • Oppenheimer & Co. (2016-2017)
  • National Securities Corporation (2017-Present)

The Allegations

  • In December 2016, a customer alleged that Robert Abramowitz handled their account negligently, breached his fiduciary duty, breached contract, and made material misrepresentations and omissions. This case was settled for $40,000.
  • In March 2018, a customer alleged that investments had been misrepresented to her by Robert Abramowitz. She also alleged that they were unsuitable for her based on her investment objectives. She also alleged that her investment objectives and risk tolerance were inaccurately stated on account paperwork. This case was settled for $75,000 in damages.
  • In July 2018, a customer alleged that Robert Abramowitz breached contract, handled their account negligently, recommended unsuitable investments, and breached his fiduciary duty. This case was settled for $65,000 in damages.

What Does This Mean?

Securities brokers have a duty to their customers to always act in their best financial interests. The main part of this is only recommending securities to customers that are financially suited for them. This suitability is determined by analyzing factors like the customer’s investment objectives, financial situation, risk tolerance, and liquidity needs. Securities brokers receive this information upfront from customers and are expected to invest them in securities that align with these factors. However, some less than scrupulous securities brokers will inflate this information on financial forms. This is because it gives them the opportunity to place their customers in investments that do not align with these factors.

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 Robert Abramowitz, 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.