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

Robert Regan operated most recently as a California based securities broker. He worked in the securities industry for twenty-two years. During his career, he was registered with six different securities firms.

His Registrations

  • Mony Securities Corp. (1993-1994)
  • Robert W. Baird & Co. (1994-2000)
  • Northwestern Mutual Investment Services (1994-2000)
  • BPM Insurance Services (2001-2004)
  • Valmark Securities (2000-2005)
  • NFP Advisor Services (2005-2016)

The Allegations

  • In February 2013, a customer alleged that Robert Regan misled them about private investments he placed them in. This case was settled for $41,000 in damages.
  • In February 2015, a customer alleged that Robert Regan had misinformed him about the liquidity and value of an oil and gas private placement.
  • In January 2016, Robert Regan was officially sanctioned by FINRA due to him allegedly failing to disclose to his member firm that he engaged in the outside investments mentioned above. Due to his alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of sixty days.

Private Placements

Private placements are privately traded securities that are not registered with the Securities and Exchange Commission and are not traded on any public securities exchanges. Due to this fact, there is a great potential for oversight when dealing with these products. Less than scrupulous securities brokers use this fact to their advantage as it gives them the ability to misrepresent private placements as safe and consistently lucrative. In reality, private placements are speculative and illiquid securities that are unsuitable for most investors. Despite their rampant unsuitability, less than scrupulous securities brokers continue to push these products onto unsuspecting investors because of how financially beneficial they are for brokers. When a broker executes a transaction involving a private placement, they receive an incredibly high commission for doing so. These commissions can be up to ten percent of the investor’s principal investment. This is compounded with other upfront fees that can drain an investor’s principal of as much as 17 percent in total. When an investor’s principal is lowered that significantly, it becomes almost impossible for them to see a profit under anything besides exceptional market conditions.

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 could 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 Rober Regan, 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.