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

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

His Registrations

  • M V Securities (1983-1984)
  • Gabriele, Hueglin & Cashman Inc. (1984-1985)
  • Tucker Anthony Incorporated (1985-2002)
  • RBC Capital Markets (2002-2020)
  • Wedbush Securities (2020-Present)

The Allegations

  • In December 1994, a customer alleged that Robert Tansey invested his funds in derivative securities that experienced unexplained extended life maturities, instead of fixed income securities with guaranteed maturities. This case was settled for $24,999 in damages.
  • In December 2017, a customer alleged that Robert Tansey recommended highly unsuitable municipal bonds. This case was settled for $110,000 in damages.
  • In February 2018, more customers alleged that Robert Tansey recommended highly unsuitable municipal bonds. This case was settled for $240,000 in damages.

What Does This Mean?

Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Robert Tansey can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 Tansey, 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.