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

Robert Franden is an Oklahoma based securities broker. He has worked in the securities industry for twenty-four years. During his career, he has been registered with four different securities firms.

His Registrations

  • Merrill Lynch (1993-1998)
  • Citigroup Global Markets (1998-2003)
  • Morgan Stanley (2003-2018)
  • Raymond James (2018-Present)

The Allegations

  • In August 2018, customers alleged that Robert Franden excessively traded their accounts. This case was settled for $12.5 million in damages.
  • In April 2019, a customer alleged that Robert Franden excessively traded their account. This case is currently pending. The customer is seeking an undisclosed amount in damages.

Excessive Trading

Securities brokers have a duty to their customers to always trade their accounts suitably. This counts for both the investments they recommend and the frequency they execute trades. When a securities broker trades a customer’s account excessively, it can often lead to unnecessary fees and trading losses.

One of the major reasons that securities brokers engage in this practice is because it adds to their commissions. Brokers receive an additional commission every time they execute a trade. When a securities broker trades an investor’s account excessively with the express purpose of generating additional commissions it is referred to as churning.

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 Franden, 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.