Robert Leis Allegedly Exercises Discretion Without The Proper Authorization

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. Investors who believe they have lost money in this fashion may be entitled to damages. The law firm of Oakes & Fosher is currently interested in hearing from investors who feel this may be them.

Oakes & Fosher is currently investigating the possible misconduct by former securities broker Robert Leis. According to his publicly available FINRA BrokerCheck report, Robert Leis was sanctioned by FINRA in his career.

Robert Leis was a Kentucky based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with five different securities firms.

His Registrations

• J.C. Bradford & Co. (1993-2000)


• Raymond James Financial Services (2000-2001, 2008-2017)


• Fifth Third Securities (2001-2006)


• Morgan Keegan & Company (2006)


• J.J.B. Hilliard, W.L. Lyons (2017)

The Allegations

Robert Leis was sanctioned by FINRA in November 2017. The findings state that he exercised discretion in the accounts of seventeen customers without obtaining the proper authorization from the customers or by having his member firm accept the accounts as discretionary. Robert Leis had been discharged from his position at Raymond James the previous January following the allegations first coming to light. Due to these alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of twenty business days.

What is Discretion?

Discretion is a trading practice where the broker is given permission by the customer to execute trades in their account without having to get every trade authorized. A securities broker can only be granted discretion with express written authorization from the customer and by having their member firm accept the account as suitable for discretionary trading. Investors who believe that their securities broker executed discretion without the proper authorization may be entitled to damages.

Oakes & Fosher Can Help

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 Leis, please contact Oakes & Fosher for a free and private consultation.