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

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

His Registrations

  • W.J. Nolan & Company (1988-1989)
  • J.T. Moran & Co. (1989-1990)
  • Rosenkrantz Lyon & Ross Incorporated (1990)
  • David Lerner Associates (1990-Present)

The Allegations

  • In October 2011, a customer alleged that Robert Cavanagh made material misrepresentations. This case was settled for $76,687 in damages.
  • In April 2016, a customer alleged that Robert Cavanagh recommended unsuitable investments, engaged in common law fraud, engaged in constructive fraud, managed their account negligently, breached his fiduciary duty, breached contract, and made material misrepresentations. This case went to arbitration, where the customer was awarded $1,027,311 in damages.
  • In July 2017, a customer alleged that Robert Cavanagh recommended unsuitable investments and made material misrepresentations and omissions. This case was settled for $112,000 in damages.
  • In July 2018, a customer alleged that Robert Cavanagh recommended unsuitable investments, made material misrepresentations, breached his fiduciary duty, managed their account negligently, and committed fraud. This case was settled for $38,500 in damages.

What Does This Mean?

Securities brokers are a brand of financial advisor known as fiduciaries. As fiduciaries, they have an obligation to their customers to only make decisions that work in their best financial interests. This obligation is also known as their fiduciary duty. Brokers who breach this duty have placed their own financial needs ahead of their customers’, which often leads to the customers experiencing significant financial detriment.

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 Cavanagh, 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.