The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Robert D’Andria. According to his publicly available FINRA BrokerCheck report, Robert D’Andria has been the subject of a FINRA sanction.

Robert D’Andria is a New Jersey based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with seven different securities firms.

His Registrations

  • The Stuart-James Company (1989-1990)
  • Painewebber Incorporated (1990-1995)
  • Merrill Lynch (1995-2000)
  • John Hancock Funds (2001)
  • Gunnallen Financial (2003-2010)
  • Westminster Financial Securities (2010)
  • International Assets Advisory (2010-Present)

The Allegations

In January 2020, Robert D’Andria was officially sanctioned by FINRA. The findings in this matter state that Robert D’Andria recommended multiple customers purchase non-traditional exchange traded products without fully understanding the risks associated with them. The findings allege that the prospectus on these non-traditional exchange traded products warned that they were incredibly risky and that they needed to be traded in a certain manner in order to be successful.

Non-traditional exchange traded products are incredibly risky and needed to be traded correctly if the investor is to have any chance of seeing any investment returns. Essentially, these products are specifically designed to be purchased and then resold within a single trading day. This is because the valuations are reset each day which means that losses are compounded. This means that even if the security is valued higher than what it was when the investor originally purchased it, the customer might still have lost a significant amount of money depending on how many days the security lost money before the valuations were reset.

Robert D’Andria allegedly invested his customers’ money in these products in a manner inconsistent with the nature of ETPs and thus had his customers hold these products for an average of 327 days. This caused these customers to incur significant loses that they would not have incurred had the products been traded as they were designed. Due to these alleged actions, Robert D’Andria was fined $5,000 and was suspended from acting as a securities broker in any fashion for a period of two 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 Robert D’Andria, 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.