Securities broker, Robert Berg, is currently being investigated by the law firm of Oakes & Fosher. His publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.

Robert Berg currently works as a Connecticut based securities broker. He has worked in the securities industry for thirty-five years. During his career, he has been registered with ten different securities firms.

His Registrations

  • McLaughlin, Piven, Vogel, Inc. (1983-1985)
  • Shearson Lehman Brothers (1985-1987)
  • Robert Thomas Securities (1988-1992)
  • Prudential Thomas Securities (1988-1992)
  • Morgan Stanley (1994-2014)
  • Wachovia Securities (2006)
  • Summit Brokerage Services (2014-Present)

The Allegations 

  • In August 2002, a customer alleged that Robert Berg recommended unsuitable securities and engaged in excessive trading. This case went to arbitration where the customer was awarded $28,604 in damages.
  • In April 2018, a customer alleged that Robert Berg withdrew funds without authorization. This case went to arbitration where the customer was awarded $16,400 in damages.
  • In January 2019, a customer alleged that Robert Berg made aggressive and speculative investment recommendations. This case is currently pending. The customer is seeking $75,000 in damages.

What Does This Mean?

Securities brokers have a legal obligation to always act in their customer’s best financial interests. This obligation is also known as their duty as a fiduciary. The most important aspect of this duty is making sure the investments they recommend to their customers are actually suitable for them. Brokers can determine a customer’s suitability by analyzing important financial factors provided to them by the customer. These factors include the customer’s investment objectives, risk tolerance, age, financial situation, and liquidity needs. Brokers who invest their customers contrary to these stated factors, whether negligently or fraudulently, have violated their fiduciary duty.

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 Berg, please contact Oakes & Fosher for a free and private consultation. We handle cases on contingency basis, which means there are no fees charged unless we collect for you.