The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Robert Spiegel. According to his publicly available FINRA BrokerCheck report, Robert Spiegel has been the subject of multiple customer disputes.
Robert Spiegel was a New York based securities broker. He worked in the securities industry for seven years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- National Securities Corporation (2010-2011)
- Legend Securities (2011-2012)
- Alexander Capital (2012-2014)
- First Standard Financial Company (2014-2018)
The Allegations
- In November 2016, a customer alleged that Robert Spiegel churned their account and executed unsuitable transactions. This case was settled for $231,000 in damages.
- In December 2018, another customer alleged that Robert Spiegel churned their account and recommended unsuitable trades. This case is currently pending. The customer is seeking $90,198 in damages.
- In January 2020, Robert Spiegel was officially sanctioned by FINRA. The findings in this matter state that he excessively traded a customer’s account. This included executing a large number of trades utilizing margin. This alleged unsuitable trading caused the customer to incur $77,334 in trading losses and $18,047 in unnecessary commissions. Due to these alleged actions, Robert Spiegel was fined $5,000, forced to repay the $18,047 in restitution, and was suspended from acting as a securities broker in any fashion for a period of four months.
Churning
Most securities brokers are compensated for their services by charging their customers a percentage of their principal investment whenever executing transactions on their behalf. This method of compensation has created a fraudulent trading practice known as churning where securities brokers trade an investor’s account excessively with the express intent of increasing how much they receive in commissions. This fraudulent act can be incredibly harmful to investors as it both prevents their principal from growing as expected, and it causes the customer to incur the highly unnecessary sales charges paid to the brokers as their commissions. These charges can very easily rack up and significantly drain an investor’s principal.
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 Spiegel, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.
