The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Robert Krieger. According to his publicly available FINRA BrokerCheck report, Robert Krieger has been the subject of a customer dispute and a FINRA sanction.
Robert Krieger is a New York 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.
- Franklin/Templeton Distributors (1994-1996)
- Merrill Lynch (1997-2009)
- LPL Financial (2009-2016)
- The Investment Center (2016-Present)
- In December 2003, a customer alleged that Robert Krieger failed to diversify their account. This case was settled for $80,000 in damages.
- In September 2018, Robert Krieger was officially sanctioned by FINRA. The findings in this matter state that he allegedly he took part in an outside business activity without providing prior written notice to his member firm. For his alleged actions, he was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of four months. He was terminated from his position at LPL Financial two years prior to the sanction due to the allegations.
What Does This Mean?
Securities brokers are not allowed to engage in any private securities transactions without first disclosing it to their member firm. This is because outside business ventures and private securities outside member firm scope can often create significant conflicts of interest for securities brokers. Brokers might begin recommending private investments to member firm customers because they have a financial stake in the security, because they are receiving a cash kickback from a third party, or simply because of the incredibly high commission they receive when the transaction is executed. This conflict of interest can quite easily lead to brokers recommending private investments to member firm customers that are not financially suited for them.
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 Krieger, 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.