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

Robert Stefanelli is a New York-based securities broker. He has worked in the securities industry for twenty-three years. During his career, he has been registered with five different securities firms.

His Registrations

  • Commonwealth Associates (1996)
  • Argent Securities (1996-1997)
  • J.P. Turner & Company (1997-2010)
  • Legend Securities (2010-2012)
  • Alexander Capital (2012-Present)

The Allegations 

  • In July 2009, a customer alleged that Robert Stefanelli recommended unsuitable investments and managed their account negligently. This case was settled for $10,000 in damages.
  • In December 2016, a customer alleged that Robert Stefanelli used high pressure sales tactics and engaged in an excessive use of margin. This case was settled for $14,900 in damages.
  • In April 2018, a customer alleged that Robert Stefanelli excessively traded their account, churned their account, and recommended unsuitable investments. This case was settled for $14,900 in damages.

Churning

Churning is a deceptive trading practice instituted by securities brokers like Robert Stefanelli. It centers around the securities broker trading a customer’s account excessively even if it has no financial benefit to the investor. The reason they do it then is because it generates additional commissions for each trade they execute. Despite its fraudulent nature, many securities brokers continue to engage in this practice.

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 Stefanelli, 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.